Indian Capital Market Essay

History of Indian Capital Markets S. Sowdeesram The history of the Indian capital markets and the stock market, in particular can be traced back to 1861 when the American Civil War began. The opening of the Suez Canal during the 1860s led to a tremendous increase in exports to the United Kingdom and United States. Several companies were formed during this period and many banks came to the fore to handle the finances relating to these trades. With many of these registered under the British Companies Act, the Stock Exchange, Mumbai, came into existence in 1875. It was an unincorporated body of stockbrokers, which started doing business in the city under a banyan tree. Business was essentially confined to company owners and brokers, with very little interest evinced by the general public. There had been much fluctuation in the stock market on account of the American war and the battles in Europe. Sir Premchand Roychand remained a kingpin for many years. Sir Phiroze Jeejeebhoy was another who dominated the stock market scene from 1946 to 1980. His word was law and he had a great deal of influence over both brokers and the government. He was a good regulator and many crises were averted due to his wisdom and practicality. The BSE building, icon of the Indian capital markets, is called P. J. Tower in his memory. The planning process started in India in 1951, with importance being given to the formation of institutions and markets The Securities Contract Regulation Act 1956 became the parent regulation after the Indian Contract Act 1872, a basic law to be followed by security markets in India. To regulate the issue of share prices, the Controller of Capital Issues Act (CCI) was passed in 1947. The stock markets have had many turbulent times in the last 140 years of their existence. The imposition of wealth and expenditure tax in 1957 by Mr. T. T. Krishnamachari, the then finance minister, led to a huge fall in the markets. The dividend freeze and tax on bonus issues in 1958-59 also had a negative impact. War with China in 1962 was another memorably bad year, with the resultant shortages increasing prices all round. This led to a ban on forward trading in commodity markets in 1966, which was again a very bad period, together with the introduction of the Gold Control Act in 1963. The markets have witnessed several golden times too. Retail investors began participating in the stock markets in a small way with the dilution of the FERA in 1978. Multinational companies, with operations in India, were forced to reduce foreign share holding to below a certain percentage, which led to a compulsory sale of shares or issuance of fresh stock. Indian investors, who applied for these shares, encountered a real lottery because those were the days when the CCI decided the price at which the shares could be issued. There was no free pricing and their formula was very conservative. The next big boom and mass participation by retail investors happened in 1980, with the entry of Mr. Dhirubhai Ambani. Dhirubhai can be said to be the father of modern capital markets. The Reliance public issue and subsequent issues on various Reliance companies generated huge interest. The general public was so unfamiliar with share certificates that Dhirubhai is rumoured to have distributed them to educate people. Mr. V. P. Singh’s fiscal budget in 1984 was pathbreaking for it started the era of liberalization. The removal of estate duty and reduction of taxes led to a swell in the new issue market and there was a deluge of companies in 1985. Mr. Manmohan Singh as Finance Minister came with a reform agenda in 1991 and this led to a resurgence of interest in the capital markets, only to be punctured by the Harshad Mehta scam in 1992. The mid-1990s saw a rise in leasing company shares, and hundreds of companies, mainly listed in Gujarat, and got listed in the BSE. The end1990s saw the emergence of Ketan

The Dead Child

Significant Lines1. â€Å"Why, oh why, did the memory of that dead child seek me out today in the very midst of the summer that sang?†2. â€Å"I glanced again at that astonishing splash of pink in the melancholy landscape.†3. â€Å"I studied the silent little face. A child who had loved books, solemnity, and decorous attire.†4. â€Å"I realized suddenly that it was a mass of wild roses. In June they open in great sheets all over Manitoba, growing from the poorest soil.†5. â€Å"A scent I have not much liked since the long ago June when I went to that poorest of villages-to acquire, as they say, experience.† Insightful Comments6. Each flower/rose holds a precious memory.7. Life is full of harsh moments. However the simple, yet precious things in life make up for the murky moments.8. The flowers signify the hope, found in a place surrounded by darkness. ( The light at the end of the tunnel)9. The value of a child’s memory is worth more than all the riches in the world.10. Yolande, a rose grown from the poorest soil. A brilliant, pure, and innocent rose. The theme of â€Å"The Dead Child† by Gabrielle Roy is about how a simple action can have a massive impact on our surroundings. In other words never underestimate the power of a simple action. In the story we are introduced to a group of Mà ©tis students, who are under privileged and are taught in poor working environments. Already we can see that these students do not have very much – money wise-. Despite their lack of necessities they were still able to give the gift of kindness, respect and love to their close friend Yolande.Their simple act of kindness not only changed their perspective on death but it also opened their hearts and allowed them to connect with their teacher throughout their moments of grief. By simply visiting Yolande before her burial helped the students cope with their misery and lift all the emotional weights from their tiny shoulders. Not only did they show others that Yolande was not alone but they also proved to themselves that they were strong enough to understand death. As they are picking the flowers they are reminded of the hope among them and that everything will be okay. I think the reason why this theme was used in the story is to allow readers to take the time to think about their actions and how it can affect themselves and their surroundings no matter how diminutive  the action may be- like many people say actions always speak louder than words.The face in my image is Yolande. The ribbons of colors caressing Yolande’s face represent all the feelings that were present throughout the story. Blue symbolizing sadness, white symbolizing purity, yellow symbolizes the imperfections in life and pink represents hope. The black background is the soil in which the roses grow out of and the same soil that will hold Yolande’s body where she too will become a rose. The large stream of rose petals r epresents the innocent and simple actions of the children. If you picture a stream they are usually calm and quiet but if you look closer streams are also abundant filled with life just like the students in the story.The tiny bits of roses represent all the memories the children had with Yolande; each rose petal builds a larger rose. At the end of the story the children form a circle around Yolande and console themselves by telling one another â€Å"She must have got to heaven by this time.† Or â€Å"She must be happy now.† For a child to experience such a mature feeling is not only incredible but at the same time fascinating, and so all of these emotions have engraved their names onto the rose signifying an important moment in their lives, the moment when they learnt how to cope with grief and death.As a result of their simple acts of kindness each child’s memory, feelings and actions make them a beautiful rose. All these relate back to the theme because they i llustrate all the wondrous things the children and the teacher were able to experience and achieve through a simple action despite all the emotional, and mental struggles each character went through.

Choose what you want Coursework Example | Topics and Well Written Essays - 500 words

Choose what you want - Coursework Example The DIAD has also been put under tests that most smartphones cannot survive, and these include; heat, cold, torrential rain and drop from six feet. UPS’s investment in IT will help it achieve strategic business objectives in the following ways. Financial Strategic Objectives: UPS will be able to achieve its financial objectives since investment in IT will win it more loyal customers. More customers mean more profits and UPS will experience a financial growth. Customer Strategic Objectives: by investing in IT, UPS is improving its customer’s service approach. Customers are enjoying working with UPS with every technological advancement that they make. Customer satisfaction is important to customer retention and obtaining new customers. Operational Strategic Objectives: UPS’s investment in IT will see the parcel delivery company grow into the most technologically advanced company and thus will always be ahead of its competitors in the market. Their services will also be of high standard due to the efficiency of IT in business, for example, the use of cameras to document the extent of damage on a parcel will improve the handling of packages by the drivers. Moreover, UPS will be able to realize improved communication with the improvement in IT that is important in the development of operational strategic objectives as communication between a customer and the company improves the efficiency of any business. Ultimately, learning Strategic Objective: drivers employed by UPS have to learn how to use the new technology in package delivery and they have to be good at it. Good performance by the drivers and other staff members in use of IT in their job. The company will, therefore, be able to achieve its Learning Str ategic Objectives by training its employees on emerging trends in the IT

International trade( to be specified) Research Paper

International trade( to be specified) - Research Paper Example The first task will be identifying the articles that can help in addressing the topic of the research. The data will be collected through primary as well as secondary sources. Primary data will be collected by the help of questionnaires and by conducting interviews from the selected population; whereas the secondary data will be collected from scholarly sources including books and journal articles. Regression analysis will be used to interpret the data collected through primary sources. Baier and Bergstrand state in their article that the free trade agreement is considered to be an effective way for introducing the foreign markets to the exporters of any country. Trade agreements are a source of reducing the barriers concerning exports, while protecting the interest of the countries and also enhancing the law in the countries that are FTA partners. The gravity equation also plays a significant role in analyzing the flow of international trade and in particular the effects of FTAs on international trade. However the facts suggest that the formation of a transparent and stable trading association and the reduction in the barriers associated with trade have the made investment much cheaper for the exporters of FTAs partner countries in case they want to export their products and services to the other trading markets. Statistics suggests that America in the year 2013 enjoyed trade surplus in their manufacturing industry with other FTA partners of approximately $60 bill ion, which was 30 percent more than the previous year (Baiera & Bergstrand, 2007). The topic of the research is considered to be significant from the economic point of view. Many nations do support the notion of free trade as they think that the agreement neglects the rights of the importers and focus on the rights and benefits of the exporters. For effectively

Chemistry (Metallic glasses) Term Paper Example | Topics and Well Written Essays - 500 words

Chemistry (Metallic glasses) - Term Paper Example In particular multicomponent metals, the phase transformation from super cooled liquid to crystalline phase is retarded by orders of 8 to 9. The high glass forming ability, castability, printability and unique characteristics of glassy alloys extend applications when compared to the conventional crystalline alloys. Table 1 gives examples of glassy alloys and when they were first reported. The highest glass forming ability is achieved at compositions near the multicomponent eutectic point with the lowest melting point and is evaluated based on thermal stability parameters of reduced glass transition interval of super cooled liquid region (Inoue, Wang and Zhang, 3). It is reported that the tensile strength of bulk glassy alloys is higher than that of crystalline alloys of the same young’s modulus whereas their young’s modulus is a third as high as crystalline alloys of the same tensile strength. Alloy systems are classified as ferrous and nonferrous (Table 3 and Table 1). The discovery and development of bulk glassy alloys were based on research on alloys that bore the three component rules for the stabilization of super cooled liquid. The first rule is the need for a multicomponent that consists of more than three elements. The second is components having atomic mismatches greater than 12% of the three elements, and the third is the negative heat of mixing among the three major components. An excellent linear relationship satisfying Hooks law has also been observed between tensile strength and young’s modulus (figure 3). The twist angle and shear stress has been found to be 3 times higher than for crystalline alloys. The bulk glassy alloys have high strength reflected by fatigue endurance limits after 107cycles ranging between 0.15 to 0.38 and dynamic durability (Inoue, Wang and Zhang, 4). The endurance of glassy alloys when used as machinery parts has been found

Consideration in Law of Contract Essay Example | Topics and Well Written Essays - 1250 words

Consideration in Law of Contract - Essay Example 6. Promise to perform an existing contractual obligations is a valid consideration. Definition of Consideration: Sir Frederick Pollock, defined consideration as "An act or forbearance of one party, or the promise thereof, is the price for which the promise of the other is bought, and the promise thus given for value is enforceable." Lord Dunedin ratified this definition in Dunlop v Selfridge Ltd [1915] AC 847, Patteson J defines Consideration in Thomas v Thomas [(1842) P 118)] case as "Consideration means something which is of some value in the eye of the law, moving from the plaintiff; it may be some detriment to the plaintiff or some benefit to the defendant, but at all events it must be moving from the plaintiff. [Contract Cases and Materials by H.G.Beale, W.D.Bishop and M.P.Furmston. Chapter 6 p.93] Consideration is defined by Lush J. in the case of Currie v Misa [(1875) LR 10 Exch 153, 162.] as "A valuable consideration, in the sense of the law, may consist either in some right, interest, profit or benefit accruing to one party or some forbearance, detriment, loss or responsibility, given, suffered or undertaken by the other". [Contract Cases and Materials by H.G.Beale, W.D.Bishop and M.P.Furmston. Chapter 6 p.93] Evaluation of this definition with reference to the Court of Appeal's understanding of consideration in Williams v Roffey Bros &Nicholls (Contractors) Ltd (1990) 1All ER 512, Court of appeal. [Contract Cases and Materials by H.G.Beale, W.D.Bishop and M.P.Furmston. Chapter 6 p.107] Before we attempt this it is necessary to know brief facts of the case. In this case Roffey Bros. are the Principal contractors undertaken the carpentry work in an apartment. In the principal... Consideration in Law of Contract The Dictionary meaning of Consideration is "Consideration means something which is of value in the eyes of the law, moving from the plaintiff, either a benefit to the plainiff or detriment to the defendant. Consideration is not to be confounded with motive." (Black's Dictionary) Consideration means "Something that is legally regarded as the equivalent or return given or suffered by one for the act or promise of another". Adequate consideration means, "Legally sufficient, lawfully and reasonably sufficient". (Webster's third new International dictionary) The word "Adequate" means fully equal requirements or occasions, commensurate, but in its primary and not more popular significance, nothing can be said to be 'adequate' which is not equal to what is required, suitable to the case or occasion, fully sufficient, proportionate, and satisfactory". Therefore the definition of consideration as defined by Lush J. in Currie v Misa case is perfectly fulfilled in this case. Hence the courts have rightly adjudicated the case in favour of the plaintiff. Another point to discuss in this case is whether there is a promissory estoppel. Before we discuss this it is better to under stand the promissory estoppel. Estoppel is an equitable doctrine: Courts apply this doctrine as discretion. It is not a remedy at law. When one party did said something to induce the other party to make a promise. At later stage if he differs as unlawful and not enforceable. The court can apply its discretion of Estoppel on sufficient proof.

Significance of HRM to organizational profitability and survival Term Paper

Significance of HRM to organizational profitability and survival - Term Paper Example On the other hand, affirmative action refers to the deliberate organizational approach to addressing past practices of discrimination, by proactively recruiting, hiring and promoting the previously marginalized groups at the workplace including women, minorities, and disabled individuals, among others. EEO is essential at my workplace because it has fostered fairness in all the various human resource aspects of our organization, from hiring to training and development, to promotion of deserving human resources. At my workplace, EEO regulations protects all employees against discrimination on the basis demographical factors; as a result, everyone is treated with respect and dignity that they deserve, regardless of their sex, color, religion, nationality, disability and age. The new knowledge gained in the process of this reflective exercise is that EEO instills confidence in all employees at the workplace while enhancing their self-motivation and commitment towards the achievement of organizational goals and objectives. This fosters the development of a unified and fully integrated workforce that is not only highly motivated and committed to the organization, but also actively engaged in the pursuit of organizational goals and objectives (Koà §, Çavus & Saraà §oglu, 2014). My future career plan as a HRM professional is more likely to be greatly influenced by the understanding that all human resources are entitled to a fair chance in the hiring process, as well as equal opportunities to promotions.

Operating Systems and Networking Coursework Example | Topics and Well Written Essays - 1500 words

Operating Systems and Networking - Coursework Example This led to an unprecedented increase in student population from 900 to 1,500, in 2 years. Clearly, the student population and the number of staff members had outgrown the physical infrastructure at the college. In this regard, the college management, in 2004, decided to open a constituent college or campus in East London, to cater for the gradually increasing student and staff population. With the aim of meeting diverse labour requirements of the society, the college introduced, yet again, two more course, Finance studies and Computer Engineering. As a result, the student population increased to about 2,000, as did the staff members. This led to the opening of a third campus in 2008 in North London. Additionally, the college launched Distance and Open Learning program that targeted students both within and outside London. This move led to an increase in student population from 2,000 to 3,000. The London College of Law and IT, as at today, has three constituent colleges or campuses w ithin the greater, including, the School of Law, School of IT and the School of Finance and Accountancy. In addition, the college also has 10 open-learning study centres outside London and has more than 3, 000 students in total and more than 100 staff members (both part-time and fulltime academic staff). All the three campuses are independent in terms of administration and have staff offices, student lecture halls, student’s halls of residence, computer laboratory, and a library. Each of the 10 study centres have an administrative office, a library that doubles up as a computer laboratory, three study/reading rooms-1 for law student, 1 for IT students, and 1 for Finance and Accounting students-which also doubles up as examination centres. In all the three campuses and the 10-study centre, there several designated Wi-Fi hotspots that serve students with laptops and tablets. London College of Law and IT faces stiff competition from various colleges in London that offer Law, IT, financial studies, or both. Notable competition includes the Imperial College London, King’s College London, London College of Law, University College of London, and London College of Legal Studies, among others. b. Requirement Analysis: Computer networks link a collection of computers, hardware and software through specialized software, cabling systems and other devices, thus enabling their users to work together by sharing files and other resources, for example, printers and scanners (N. Olifer & V. Olifer, 2006). Today, computer networks are very important; they shape the way we live, study, work or play. They enable us to communicate, interact, learn, and collaborate in ways that we could not do before. For higher institutions of learning such as universities and colleges, digital communication with voice, video and data is critical to achieving todays educational and learning objectives. Therefore, a well and properly thought of and designed network is an essential re quirement for meeting day-to-day institutional functions or for doing business (White, 2012). Improving computer networks enable us to enjoy better and reliable data speeds, and new exciting services and applications such as video conferencing, IP telephony, education, ecommerce and more. Designing a new network would benefit the London

Homeland Security Essay Example | Topics and Well Written Essays - 1750 words - 1

Homeland Security - Essay Example An evaluation of Department of Homeland Security demonstrates that in spite of its shortcomings, it is the best hope for protecting Americans from terrorists. Consequently, it is necessary to enhance its effectiveness and address the challenges that limit organizational efficiency. The Patriot Act was passed in the aftermath of the September 11 attacks on the World Trade Center (The Department of Justice, 2015). The widespread support for this tool was demonstrated by the huge bipartisan support. The Senate passed it 98-1 while the House voted 357-66 to approve its passage (The Department of Justice, 2015). The Act gave the Department of Homeland Security new tools to detect and neutralize terrorism threats facing the country. The tool allowed the Department of Homeland security to enhance the effectiveness of its existing tools by giving it more surveillance powers and making it possible to access business records without tipping the suspects (The Department of Justice, 2015). In addition, it made it possible for different security agencies to coordinate effectively. The approach enabled them to connect the dots to result in improved security outcomes. It is noted that the Act updated the law for it to be consistent with new technologies and emerging threats. It is also evident that the Act increased the penalties for the individuals and organizations that engage in terrorist activities. The Act also exudes varied controversies because many people believe that since it was passed forty-five days after the terrorist attack, it was not subjected to intense scrutiny (Diamond, 2015). The security agencies have also abused the Act to create a surveillance state. Interestingly, the increased surveillance led to the collection of colossal amounts of data that made it difficult for the security agencies to find valuable patterns. The revelations by a NSA analyst, Edward Snowden raised concerns about its