Series XXI-A PMS Distributors exam: dhaancha aur padhai ka rasta.

Poori series ke sawaal kholo

KAISE PADHEIN

Kram se padho, phir usi chapter ke sawaal

Chapter usi kram mein padho jisme woh diye gaye hain. Pehle 6 chapter woh shabd dete hain jin par baaki paper tika hai. NISM ne har chapter ke number ka ek proposed bantwara diya hai. Usme sabse bada hissa unit 9 ka hai, phir unit 8 ka.

Har chapter ke baad sirf usi ke sawaal karo. Galat jawab ke baad ek line likho: galti hisaab mein thi, shabd mein, ya niyam mein. Yahi lines revision ki list ban jaati hain.

Unit 1: investment ke buniyaadi shabd
Saving, investing, return aur risk ke shabd yahin bante hain. Aage ka har chapter inhi shabdon mein baat karta hai.

Unit 1: investment ke buniyaadi shabd.

Yeh unit investment ki bhasha sikhata hai. Pehle 2 farak aate hain: saving aur investing, phir investment aur speculation. Saath mein client ke maksad, return ke hisaab aur risk ke kai roop aate hain.

• Bachaya hua paisa saving hai. Use kisi asset mein lagana investing hai.
• Speculation instrument se nahi, faisle ki wajah se pehchana jaata hai.
• Required return ek maang hai, kamai ka vaada nahi.
• Dikhne wali value aur asli bikne wala daam alag ho sakte hain.

Is unit ke sawaal kholo

IS UNIT MEIN

Maksad, return aur risk ke naam

Income ka jo hissa kharch nahi hota, woh saving hai. Use kamai ki ummeed mein kisi asset mein lagana investing hai. Rumour sunkar agle din ke daam par lagaya daav speculation hai, chahe share hi kyun na ho. Client ke maksad bhi alag hote hain. Jaldi aane wale zaroori bill ke liye poonji bachana aur samay par paisa sabse upar hai. Kharche ke liye samay samay par aane wala paisa current income hai. Lambe samay mein badhta mol capital appreciation hai.

Real return mehngai nikaal kar bachi kamai hai. Nominal return mehngai samet poora return hai. Ek seedhe model mein required return, bina risk wale rate mein risk premium jod kar banta hai. Risk premium yaani risk uthane ka extra muavza. Business risk kaam-kaaj se aata hai, aur financial risk tay byaaj wale karz se. Liquidity risk, currency risk aur issuer ka credit risk bhi yahin aate hain.

DHYAN

3 jagah yahan galti hoti hai

Pehli galti: rates ko seedha jod dena. Exact nominal return ke liye real return aur mehngai ko compound karte hain, jodte nahi. Videshi asset mein bhi asset aur currency ke badlaav compound hote hain, jude nahi.

Doosri galti: dikhne wali value ko bikne ka pakka daam maan lena. Poori quantity ke liye asli bid kam ho sakti hai. Yeh liquidity risk hai. Property ka chhota hissa jaldi bechna bhi mushkil ho sakta hai. Ameer hona aur haath mein cash hona alag baat hai.

Teesri galti: protected payoff ko har nuksaan se bachav samajhna. Payoff ka formula neeche na jaaye, tab bhi khatra baaki hai. Issuer apna vaada na nibhaye, toh nuksaan ho sakta hai. Yahi issuer ka credit risk hai.

Unit do: securities market ka dhaancha
Investment ke shabd aa gaye. Ab dekhna hai ki securities kaise jaari hoti hain, aur sauda kaise poora hota hai.

Unit do: securities market ka dhaancha.

Is unit mein IPO aata hai, yaani company ka public ko pehla share offer. Phir trade ke baad ka raasta aata hai: clearing, settlement aur record. Depository, clearing corporation, custodian aur clearing bank sab alag kaam karte hain. Inme se koi bhi aapke liye investment nahi chunta.

• IPO ka sara paisa company ko nahi jaata.
• Depository holdings aur transfers ka electronic record rakhta hai.
• Limit order daam ki hadd deta hai, sauda hone ki guarantee nahi.
• Paisa pahunchna securities pahunchne ka saboot nahi hai.

Is unit ke sawaal kholo

IS UNIT MEIN

Issue se settlement tak

IPO mein 2 hisse ho sakte hain. Fresh issue mein naye shares bante hain, aur paisa company ko jaata hai. Offer for sale mein purana shareholder apne shares bechta hai, aur paisa use milta hai. Rights issue mein purane shareholders ko ek ratio mein naye shares lene ka offer milta hai. Pehle ratio se shares gine jaate hain, phir unka daam lagta hai.

Trade ke baad clearing corporation tay karta hai ki kisko kya dena aur lena hai. Ek simple settlement mein custodian securities jaanchta hai, aur clearing bank paisa bhejta hai. Depository holdings ka electronic record rakhta hai, aur depository participant us system tak pahunch deta hai. Family office ek ameer parivaar ka apna sangathan hai, jo uske investments aur reporting sambhalta hai. Participant ko uske maksad se pehchana jaata hai, rakam se nahi.

DHYAN

Kaam ke naam aapas mein mat milao

Pehli galti: IPO mein jama sara paisa company ka maan lena. Company ko sirf fresh issue ka paisa milta hai, offer for sale ka nahi.

Doosri galti: limit price ko pakka sauda samajhna. Limit order sirf daam ki hadd batata hai. Bechne wale zyada maangein, toh order ka kuch ya poora hissa bina sauda reh sakta hai.

Teesri galti: kaam chalane wale ko faisla lene wala maan lena. Record rakhna, paisa bhejna aur securities sambhalna operational kaam hain. Execution yaani sauda banna, aur clearing yaani uska hisaab tay karna, bhi alag kaam hain.

Unit 3: shares mein investment
Bazaar ka raasta samajh aaya. Ab equity share khud aata hai: uska haq, uska risk aur uska mol aankne ke tareeke.

Unit 3: shares mein investment.

Yeh unit equity share ko andar se kholta hai. Shareholder ka haq sabke baad aata hai, aur dividend koi contract nahi. Phir analysis ke tareeke aate hain. Saath mein mol aankne ke ratio aate hain, jaise PE, price-to-book aur EV to EBITDA.

• Equity ka haq residual hai: pehle lenders, phir shareholders.
• Diversification ek company ka risk ghatata hai, poore bazaar ka nahi.
• Top-down economy se shuru hota hai, bottom-up company se.
• Ek ratio poori valuation nahi hai. Uske peeche ki wajah dekhni padti hai.

Is unit ke sawaal kholo

IS UNIT MEIN

Share ka haq, risk aur mol

Equity maalik ka paisa hai. Growth mein hissa milta hai, par haq lenders ke baad aata hai. Isliye ise residual claim kehte hain, aur asset-based value mein bhi pehle liabilities ghatti hain. Kai alag industries ke shares rakhne se ek company ka risk ghatta hai. Par poore bazaar ki girawat phir bhi lagti hai. Top-down analysis economy, phir industry, phir company dekhta hai. Bottom-up seedha company se shuru hota hai. Technical analysis daam aur volume ke pattern dekhta hai. Fundamental analysis cash flow, assets aur margins dekhta hai.

PE ratio share ke daam ko ek share ki kamai, yaani EPS, se bhaag deta hai. Price-to-book daam ko ek share ki book value se bhaag deta hai. EV to EBITDA poore business ki value ko EBITDA se bhaag deta hai. EBITDA yaani byaaj, tax, depreciation aur amortisation ghataane se pehle ki kamai. Share split mein shares badhte hain aur theoretical daam utna hi ghatta hai. Baaki sab same ho, toh daulat wahi rehti hai.

DHYAN

Ratio sahi, base galat

Pehli galti: alag base ki cheezein milana. Share ka daam ek share ki kamai se bhaag hota hai, kul kamai se nahi. EV wale ratio mein akeli equity value nahi lagti. Usme karz joda jaata hai aur cash ghataya jaata hai.

Doosri galti: ek ratio ko poora faisla maan lena. Negative PE sasta hone ka saboot nahi. Woh sirf tab aata hai jab company nuksaan mein ho. Ooncha PE bhi apne aap mehnga nahi. Pehle growth, risk aur kamai ke tikne ko dekho.

Teesri galti: profit ko cash maan lena. Profit badhe, par cash flow ghate aur receivables tezi se badhein. Tab yeh research ka sawaal hai. Receivables yaani graahakon se aana baaki paisa. Saboot ke bina fraud ka faisla nahi hota.

Unit 4: bond aur fixed income
Share ke baad doosra bada asset bond hai. Yahan payment tay hote hain, par daam yield ke saath hilta hai.

Unit 4: bond aur fixed income.

Yeh unit bond ko samjhata hai. Bond ke payment tay rehte hain, lekin uska daam bazaar ki yield ke ulta chalta hai. Saath mein yield ke alag naap, credit rating ka asar, callable bond aur duration aate hain.

• Yield badhe toh bond ka daam girta hai, coupon wahi rehta hai.
• Coupon rate, current yield aur yield to maturity 3 alag naap hain.
• Rating risk ki parakh hai, guarantee nahi.
• Macaulay duration samay ka naap hai, modified duration daam ki sensitivity ka.

Is unit ke sawaal kholo

IS UNIT MEIN

Payment tay, daam nahi

Bond ki value uske aane wale payments ka aaj ka mol hai. Aage ke paise ka aaj ka mol nikalna discounting kehlata hai. Required yield badhe toh har payment ka aaj ka mol ghatta hai, isliye daam girta hai. Coupon, yaani bond par milne wala tay byaaj, yield ke saath nahi badalta. Current yield saal ke coupon ko market price se bhaag deta hai. Woh redemption ka fayda ya nuksaan nahi ginta, isliye yield to maturity jaisa poora naap nahi. Zero-coupon bond mein ek hi payment hota hai. Use poore samay ke liye discount kiya jaata hai.

Corporate bond ki yield mein ek reference rate aur credit spread hota hai. Credit spread yaani issuer ke risk ka extra return. Rating gire toh spread badh sakta hai aur daam gir sakta hai. Callable bond ko issuer pehle hi chuka sakta hai. Rates girne par aisa ho, toh paisa kam yield par dobara lagana pad sakta hai. Macaulay duration payments ka present value se tola gaya ausat samay hai. Modified duration batata hai ki yield thoda hile toh daam lagbhag kitna hilega.

DHYAN

Unit aur samay ki galtiyan

Pehli galti: yield ka badlaav galat unit mein lagana. Percentage point ke badlaav ko pehle decimal mein badlo, phir modified duration se guna karo. Jawab mein minus ka nishaan bhi rakho, kyunki yield badhne par daam girta hai.

Doosri galti: compounding bhool jaana. Kai saal baad ka payment utne hi saalon ke liye discount hota hai. Modified duration nikaalte waqt bhi compounding dekho. Yield 6 mahine par compound ho, toh 6 mahine ki yield lagti hai.

Teesri galti: rating ko vaada samajhna. Downgrade risk ki nayi parakh hai. Isse coupon nahi badalta, aur default pakka nahi ho jaata.

Unit 5: derivatives ki buniyaad
Ab woh contract aate hain jinki value kisi aur asset se banti hai. Inse risk ghataya bhi ja sakta hai.

Unit 5: derivatives ki buniyaad.

Derivative ek contract hai jiski value kisi underlying asset se banti hai. Forward aur futures obligation hain, yaani sauda karna hi padta hai. Option kharidne wale ko sirf haq milta hai, aur swap mein payments ki adla-badli hoti hai. Saath mein hedge, mark to market aur margin aate hain.

• Futures ki shartein exchange tay karta hai, forward ki shartein 2 parties.
• Option ka payoff aur munafa alag hain. Beech mein premium hai.
• Initial margin collateral hai. Nuksaan usse zyada bhi ho sakta hai.
• Hedge mein contracts ki ginti ke saath disha bhi sahi chahiye.

Is unit ke sawaal kholo

IS UNIT MEIN

Obligation, haq aur hedge

Forward 2 parties ke beech apni shartein par bana sauda hai. Futures mein wahi obligation exchange ki tay shartein par hota hai. Call option tay daam, yaani strike, par lene ka haq hai, aur uski keemat premium hai. Expiry par daam strike se jitna upar ho, utna payoff hai. Usme se premium ghatane par munafa nikalta hai. Mark to market roz ka hisaab hai. Isme pichhle aur aaj ke settlement daam ka farak, multiplier se guna hota hai. Multiplier batata hai ki ek point kitne rupaye ka hai.

Hedge yaani asli exposure ke ulte position lekar risk ghatana. Seedhe model mein, shares wale portfolio ke saamne index futures mein short position lagti hai. Short yaani futures ki bechne wali taraf. Put yaani tay daam par dene ka haq. Share ke saath put rakhne se neeche ka nuksaan seemit hota hai. Par premium ka kharcha rehta hai. Floating rate wale loan ko swap se fixed mein badla ja sakta hai. Isme borrower fixed rate deta hai aur wahi floating rate paata hai.

DHYAN

Ek taraf dekhna kaafi nahi

Pehli galti: margin ko maximum nuksaan maan lena. Initial margin sirf collateral hai, yaani zamaanat. Futures ka nuksaan usse aage bhi ja sakta hai.

Doosri galti: payoff ko munafa likh dena. Option ke payoff se premium ghatao, tab munafa aata hai. Protective put mein yeh 3 hisse jodo: share ka nateeja, put ka payoff aur premium.

Teesri galti: hedge ki disha ulti rakhna. Ginti sahi ho, par futures long, yaani kharidne wali taraf, hon toh exposure offset nahi hota. Swap ko bhi loan ke saath milakar dekho, akele nahi.

Unit 6: pooled investment ke roop
Ab woh vehicles aate hain jahan bahut logon ka paisa ek saath lagta hai. Saath mein yeh ki PMS unse alag kaise hai.

Unit 6: pooled investment ke roop.

Is unit mein woh vehicles hain jahan bahut se investors ka paisa ek saath lagta hai. Mutual fund, ETF, fund of funds, InvIT aur private pooled vehicle yahan aate hain. Sabse zaroori farak: mutual fund mein investor ek pool ke units rakhta hai. PMS mein har client ka portfolio alag sambhala jaata hai.

• Trustees nigraani karte hain, AMC roz ke investment sambhalti hai.
• NAV yaani net assets ko units ki ginti se bhaag dena.
• Trust ke units ke peeche asli asset ki kamai dekhi jaati hai.
• Pool mein hone se mushkil se bikne wala asset roz redeem nahi hone lagta.

Is unit ke sawaal kholo

IS UNIT MEIN

Pool kaise bana hai, aur andar kya hai

Mutual fund mein har kaam alag haathon mein hai. Trustees poore arrangement ki nigraani karte hain. AMC, yaani asset management company, investments sambhalti hai. Custodian securities ki hifaazat karta hai, aur registrar investors ka record rakhta hai. NAV yaani ek unit ki net asset value. Iske liye pehle assets se liabilities ghatate hain, phir units ki ginti se bhaag dete hain.

InvIT yaani infrastructure trust. Uski kamai asli asset se aati hai, jaise toll road ka traffic aur toll. Commercial property wale listed vehicle ki kamai kiraye aur occupancy se aati hai. Units ka daam, trading ya split us kamai ko nahi badalta. Jo private pooled vehicle naye unlisted business mein lambe samay ke liye paisa lagata hai, wahan se exit mushkil hota hai. Exit ki value bhi pakki nahi hoti. ETF yaani exchange par trade hone wala fund. Uska bazaar daam uski andaazan asset value, yaani indicative NAV, se upar ya neeche ho sakta hai.

DHYAN

Naam aur dhaancha alag cheezein hain

Pehli galti: professional management ko hamesha pool samajhna. PMS mein bhi manager hota hai, lekin portfolio har client ka apna hota hai.

Doosri galti: listed vehicle ki kamai ko tay ya guaranteed maan lena. Property wale vehicle ki kamai kiraye, leases aur occupancy par tiki hai, aur badal sakti hai.

Teesri galti: kharche ki ek parat bhool jaana, ya ek kharcha 2 baar ginna. Fund of funds doosre funds ke units rakhta hai. Isliye kharcha 2 parat mein hota hai: uska apna, aur andar ke funds ka. Pehle dekho ki dikhaya gaya total dono ko pehle se jodta hai ya nahi.

Unit 7: portfolio manager ki bhoomika
Pool samajh aaya. Ab PMS khud aata hai. Manager kis haq se faisla karta hai, aur paisa kaise surakshit rehta hai.

Unit 7: portfolio manager ki bhoomika.

Yeh unit batata hai ki portfolio manager kis haq se kaam karta hai. Discretionary, non-discretionary aur advisory service mein farak yeh hai ki aakhri faisla kiska hai. Saath mein client ke paise ki hifaazat aur controls aate hain. Pehli investment ka niyam aur sab clients se barabar vyavhaar bhi yahin hai.

• Discretionary mein manager faisla karta hai, lekin mandate ki hadd ke andar.
• Client ka paisa manager ke apne kharche ke liye nahi hai.
• Custodian aur audit return ki guarantee nahi dete.
• Ek hi approach ke 2 clients ka return alag ho sakta hai.

Is unit ke sawaal kholo

IS UNIT MEIN

Faisla kiska, aur paisa kiska

Discretionary service mein client manager ko investment chunne aur trade karne ka haq deta hai. Har trade par client se poochhna zaroori nahi hota. Non-discretionary mein aakhri faisla client ka rehta hai. Advisory mein sirf salah milti hai, aur trade aur custody ka intezaam client khud karta hai. Har service ki shartein agreement mein likhi hoti hain. Discretionary manager ki hadd ko mandate kehte hain.

Client ka paisa alag rehta hai. Manager use apna kiraya bharne mein nahi laga sakta, chahe lautane ka vaada ho. Kaam baanta jaata hai: ek vyakti trade shuru karta hai, doosra alag se records milata hai. Compliance niyamon par nazar rakhta hai aur breach ko upar tak le jaata hai. SEBI ke 16 July 2025 ke PMS master circular ke aam niyam mein pehli investment ki ek nyuntam rakam hai. Usme cash aur eligible securities dono gine jaate hain. Lekin poori rakam pehli baar mein ek saath, ek hi lump sum mein aani chahiye.

DHYAN

Haq ki hadd aur niyam ki shart

Pehli galti: discretion ko bina hadd ka haq samajhna. Client ne koi industry mana ki ho, toh achha share bhi wahan se nahi liya jaata. Mandate sirf sahi, likhi hui process se badalta hai.

Doosri galti: nyuntam rakam ko sirf jod kar dekhna. Shart rakam ki bhi hai aur samay ki bhi. Aaj ka hissa aur baad ka hissa milkar pehli lump sum nahi bante. Aage ki kamai se kami poori hone ki ummeed bhi nahi gini jaati.

Teesri galti: achhe return ko achhe control ka saboot maan lena. Portfolio munafe mein ho, tab bhi records ka milaan aur compliance zaroori hai. Combined order ke fills, yaani poore hue hisse, ek likhe tareeke se baante jaate hain. Nateeja dekhne ke baad nahi.

Unit 8: PMS ka roz ka kaam
Haq aur hifaazat samajh aaye. Ab roz ka kaam: documents, client ki jaanch, paise ka raasta, fees ka hisaab aur shikayat.

Unit 8: PMS ka roz ka kaam.

Yeh unit PMS ke operational kaam par hai. Investment se pehle documents aur client ki jaanch yahan aati hai. Paise ka sahi raasta, records ka milaan aur shikayat ka tareeka bhi. Sabse zyada hisaab fees ke hain: performance fee, high-water mark, hurdle aur exit load.

• Return ki presentation agreement padhne ki jagah nahi leti.
• Paisa sirf verified, authorised account mein jaata hai, distributor ke personal account mein nahi.
• Discretionary aur non-discretionary PMS mein SEBI ke niyam se performance fee sirf high-water mark se upar ki value par lagti hai. Pichhle nuksaan ki bharpaai par fee nahi lagti.
• Client ka daala hua naya paisa return nahi hai.

Is unit ke sawaal kholo

IS UNIT MEIN

Documents, paisa aur fees

Commit karne se pehle mandate, risk, kharche aur contract ki shartein padhi jaati hain. MITC, yaani most important terms and conditions, ek chhota key-terms document hai. Client use acknowledge karta hai, par woh poore agreement ki jagah nahi leta. Company client ho, toh sirf sign karne wale vyakti ki pehchaan kaafi nahi. Uske asli maalik aur control karne wale logon ki jaanch bhi chahiye. Shikayat pehle manager ke tay grievance contact ke paas jaati hai. Eligible shikayat na suljhe, toh SEBI ka SCORES platform hai.

Performance fee nateeje par lagne wali fee hai. High-water mark ek reference value hai. Discretionary aur non-discretionary PMS mein SEBI ke niyam se performance fee sirf high-water mark se upar ki value par lagti hai. Pichhle nuksaan ki bharpaai par fee nahi lagti. Hurdle return ki ek tay rekha hai. Hard hurdle mein fee sirf usse upar wale munafe par lagti hai. Kisi doosre contract mein hurdle paar hote hi fee high-water mark se upar ke poore munafe par lag sakti hai. Exit load, yaani paisa nikaalne ka charge, ki ek upari seema hai. Asli charge usse kam ho sakta hai.

DHYAN

Account ka badhna return nahi hai

Pehli galti: client ke naye paise ko kamai maan lena. Account isliye bada hua ki client ne paisa daala, toh woh return nahi hai. Fee ke reference mein bhi contract ke hisaab se cash flow ka adjustment hota hai. Return nikaalne ke liye cash flows ki tareekh chahiye.

Doosri galti: fee ki rate galat base par lagana. Performance fee ki rate poore assets par nahi, sirf fee base par lagti hai. Exit load nikaale gaye paise par lagta hai, poore account par nahi. Direct onboarding, yaani seedhe manager se judna, par shuru mein statutory charges ke alawa koi charge nahi lagta. Statutory charge woh hai jo kanoon se lagta hai. Par isse aage ki management fee apne aap zero nahi ho jaati.

Teesri galti: nuksaan ko apne aap breach ka saboot samajhna. Bazaar girne se portfolio bina kisi galti ke gir sakta hai. Breach tab hai jab kaam mandate aur agreement ke khilaaf ho. Shikayat karne se muavza bhi pakka nahi hota.

Unit 9: portfolio banane ki process
Roz ka kaam samajh aaya. Ab asli process: client ko samajhna, policy likhna, asset allocation aur rebalancing.

Unit 9: portfolio banane ki process.

Yeh unit portfolio banane ki poori process hai. Pehle client ko samjha jaata hai: maksad, risk ki ichha aur kshamata, aur paise ki zaroorat. Yeh sab investment policy statement, yaani IPS, mein likha jaata hai. Phir asset allocation, diversification aur rebalancing aate hain.

• Risk lene ki ichha aur nuksaan sehne ki kshamata alag hain.
• Strategic allocation lambe samay ka mix hai, tactical thode samay ka jhukaav.
• Rebalancing ka hisaab aaj ke kul portfolio par hota hai.
• Eligible hona aur suitable hona 2 alag test hain.

Is unit ke sawaal kholo

IS UNIT MEIN

Client se policy, policy se portfolio

IPS client ke maksad, seemayein aur faisle ke niyam likhta hai. Woh products ki list nahi hai. Risk ke 2 hisse hain. Willingness yaani risk lene ki ichha. Capacity yaani nuksaan sehne ki taaqat. Plan par kai cheezein asar daalti hain: zaroori payment, emergency reserve, naukri ka risk, videshi currency ka kharcha. Goal ke hisaab bhi hain: kitna return chahiye, aur mehngai se goal kitna mehnga hoga. Client ke halaat badlein, toh pehle policy dobara dekhi jaati hai, trade baad mein.

Strategic asset allocation lambe samay ka mix tay karta hai, jaise equity aur debt ka hissa. Tactical allocation policy ki band ke andar thode samay ka badlaav hai, jo wapas lautta hai. Jo assets poori tarah ek saath nahi hilte, unhe milaane se utaar-chadhav kam ho sakta hai. Rebalancing mix ko wapas laata hai. Uska hisaab aaj ke kul portfolio par hota hai, aur naya paisa aaye toh naye total par.

DHYAN

Ausat aur andaaze ke jaal

Pehli galti: paise ko risk sehne ki ichha samajhna, ya bharose ko kshamata. Ameer client bhi chhoti girawat par ghabra kar bech sakta hai. Bazaar par bharosa rakhne wala client bhi jaldi aane wala zaroori payment nahi kho sakta.

Doosri galti: standard deviation ka seedha ausat lena. Standard deviation return ke utaar-chadhav ka naap hai. Portfolio ka risk is par bhi tika hai ki assets ek saath kitna hilte hain. Iska naap correlation hai. Isliye portfolio ka risk weights ka seedha ausat nahi hota, jab tak correlation theek ek na ho. Paisa nikalte waqt returns ka kram bhi aakhri rakam badal deta hai.

Teesri galti: har chhote badlaav par trade karna. Band wale niyam mein weight band ke andar ho, toh woh niyam trade nahi maangta. Trade ka kharcha aur tax bhi risk ke fayde ke saath tola jaata hai.

Unit 10: performance ka naap aur parakh
Portfolio ban gaya. Ab uska kaam naapna hai, aur managers ko ek hi tarazu par tolna hai.

Unit 10: performance ka naap aur parakh.

Yeh unit batata hai ki return kaise naapa jaaye aur manager ko kaise parkha jaaye. Time-weighted aur money-weighted return alag sawaalon ka jawab dete hain. Phir risk ke saath return ke naap aate hain, jaise Sharpe aur Treynor. Benchmark aur performance attribution bhi yahin hain.

• Time-weighted return managers ki tulna ke liye hai, money-weighted client ke apne anubhav ke liye.
• Barabar percent ki badhat aur girawat milkar paisa wapas nahi laati.
• Sharpe kul risk se bhaag deta hai, Treynor beta se.
• Benchmark pehle chuna jaata hai, nateeja dekhne ke baad nahi.

Is unit ke sawaal kholo

IS UNIT MEIN

Kitna kamaya, kis risk par, kisse tulna mein

Holding period return mein value ka badlaav aur mili income, dono ek hi baar gine jaate hain. Client beech mein paisa daale ya nikaale, toh time-weighted return har cash flow par period todta hai. Phir har period ki growth compound ki jaati hai. Client ka apna anubhav money-weighted return dikhata hai, jaise XIRR. XIRR har cash flow ki tareekh aur rakam ko ginta hai.

Sharpe ratio extra return ko kul standard deviation se bhaag deta hai. Extra return yaani bina risk wale rate se upar ka return. Treynor wahi extra return beta se bhaag deta hai, yaani bazaar ke saath hilne ke naap se. Kam shares mein simte portfolio ka beta kam ho sakta hai, phir bhi kul risk zyada. Benchmark portfolio jaisa ho: dividend samet return ke saamne total return index. Attribution farak ko hisson mein baantta hai, jaise sector ka chunav aur stock ka chunav.

DHYAN

Seedha ausat, galat tasveer

Pehli galti: returns jodna ya unka seedha ausat lena, jahan compounding chahiye. Maan lo ek saal kuch percent badhat hui, aur agle saal utni hi girawat. Ausat zero dikhta hai, par paisa kam ho jaata hai. Nuksaan ke baad wapas aane ke liye usse zyada percent chahiye, kyunki base chhota ho gaya.

Doosri galti: alag shartein wale returns ko seedha rank karna. Period aur fees ka treatment same ho, mandate aur risk bhi milte hon, tabhi tulna theek hai.

Teesri galti: smooth return ko kam risk samajhna. Purane daam par baar baar value lagane se return smooth dikhta hai. Par asli utaar-chadhav chhup jaata hai. Achhe purane record ke saath log, process aur controls bhi dekhe jaate hain.

Unit 11: PMS investor aur tax
Return naapna aa gaya. Ab us return par tax kaise socha jaata hai, aur uske liye kaunse records chahiye.

Unit 11: PMS investor aur tax.

Yeh unit PMS investor ke tax ka sochne ka tareeka deta hai. Pehle tay hota hai ki taxpayer kaun hai aur income kis prakar ki hai. Phir us period ke niyam lagte hain. Uske baad gain, kharche, pehle kata tax aur records ka hisaab aata hai.

• Tax PMS se tay nahi hota, investor aur income ke prakar se hota hai.
• Pehle kata tax aakhri tax nahi, woh eligible credit hai.
• Bechte hi gain realise hota hai, chahe paisa PMS cash account mein rahe.
• Har kharcha tax mein ghatne layak nahi hota.

Is unit ke sawaal kholo

IS UNIT MEIN

Pehle taxpayer aur income, phir hisaab

Ek jaise securities wale 2 clients ka tax alag ho sakta hai. Ek resident individual ho aur doosra non-resident company, toh alag niyam lag sakte hain. Income ka prakar bhi dekha jaata hai. Verified tax advice kisi derivative result ko business income maane, toh use capital gain nahi likha jaata. NRI ke case mein Portfolio Investment Scheme, yaani bank wala route, aur PMS agreement alag hain.

Hisaab mein pehle poori tax liability nikalti hai. Phir pehle kata hua tax, yaani withholding, eligible credit ke roop mein ghatta hai. Gain bechne par realise hota hai, aur paisa account mein rehne se sale ulti nahi hoti. Kharchon mein se sirf woh ghatte hain jinhe niyam allow kare. Records mein har transaction ki tareekh, cost, sale ka paisa, income aur tax credit chahiye. Sirf NAV ya return kaafi nahi.

DHYAN

Naam se tax tay nahi hota

Pehli galti: har PMS client ka ek jaisa tax maan lena. Pehle investor ka status aur income ka prakar pakka karo, phir rate lagao.

Doosri galti: pehle kate tax ko aakhri tax, ya uske upar ka extra tax samajhna. Pehle poori liability nikalo, phir eligible credit ghatao.

Teesri galti: jo bhi kharcha portfolio ki value ghataye, use tax mein ghatne layak maan lena. Sawaal batata hai ki kaunsa kharcha allowed hai. Sirf wahi ghatao.

Unit 12: niyam, governance aur ethics
Aakhri unit distributor aur manager ke niyamon par hai. Saath mein yeh ki client ke saath imaandaari ka matlab kya hai.

Unit 12: niyam, governance aur ethics.

Aakhri unit niyam aur imaandaari par hai. Registration ki jaanch, distributor ka commission aur client ko zaroori jaankari yahan aati hai. Saath mein conflicts, client ki gopniyata, unpublished price-sensitive jaankari, front running aur AML, yaani anti-money laundering, aate hain.

• Registration number ke saath us number wali company ka naam bhi milaya jaata hai.
• Certificate, distributor registration aur empanelment 3 alag kadam hain.
• Commission batana zaroori hai, par batane se galat salah sahi nahi hoti.
• Board ki manzoori aur lagu hua kanoon alag cheezein hain.

Is unit ke sawaal kholo

IS UNIT MEIN

Kaun registered hai, aur kaisa vyavhaar chahiye

Salesperson ka diya registration number SEBI ke official register se milaya jaata hai, legal naam ke saath. Exam pass karne se sirf zaroori certificate milta hai. APMI, yaani Association of Portfolio Managers in India, ke saath distributor registration ek alag check hai. Kisi portfolio manager ka aapko empanel karna, yaani apne saath jodna, bhi alag hai. SEBI ke 16 July 2025 ke PMS master circular ke aam niyam mein commission trail par milta hai. Trail yaani ek saath nahi, samay ke saath. Yeh commission manager ko mili fees se diya jaata hai. Client ko iski jaankari di jaati hai.

Conflict yaani apna fayda aur client ka fayda takraana. Commission ke laalach mein approach chunna conflict hai. Bina wajah client ko ek approach se doosri mein ghumana bhi. Client ki jaankari uski ijazat ya kanooni aadhar ke bina kisi ko nahi di jaati. Unpublished price-sensitive jaankari mile, toh us par trade nahi hota aur baat compliance tak jaati hai. Client ke order ki pehle se jaankari ka fayda uthakar apna trade karna front running hai. AML ke niyam galat kamaai ko saaf dikhane se rokte hain. Shaq hone par baat Principal Officer tak jaati hai. Yeh firm ka woh adhikari hai jo shaq wale len-den ki report sambhalta hai. Client ko iske baare mein bataya nahi jaata.

DHYAN

Batana kaafi nahi, sahi karna bhi zaroori

Pehli galti: disclosure ko suitability ki jagah rakhna. Commission bata diya, tab bhi zaroorat se mel na khaati approach galat hai.

Doosri galti: naam hata kar data ko gumnaam maan lena. Detailed holdings se bhi client pehchana ja sakta hai. Ijazat ya kanooni aadhar ke bina use doosre prospect ko nahi bheja jaata.

Teesri galti: announcement ko lagu kanoon maan lena. SEBI Board ki manzoori ke baad bhi notified text dekhna padta hai. Saath mein lagu hone ki tareekh aur shartein bhi. Niyam wale sawaal mein jis circular ya tareekh ka naam ho, jawab usi se do.

Ab poore paper ki practice
12 chapter ho gaye. Ab saare chapters ke sawaal mila kar karo, jaise paper mein aate hain. Jahan atko, us chapter par wapas jao.