Series III-A Securities Intermediaries Compliance exam: dhaancha aur padhai ka rasta.

Poori series ke sawaal kholo

KAISE PADHEIN

Unit ke kram mein, niyam ke saath

23 unit ek kram mein chalte hain. Unit 1 se 3 buniyaad hain: bazaar, regulators aur compliance ka kaam. Unit 4 aur 5 SEBI Act aur SCRA par hain. Unit 6 se 9 tak sab par lagne wale niyam hain, jaise insider trading, fraud aur money laundering. Unit 10 se 23 tak har intermediary ke apne regulations hain.

Aakhri units chhote hain, par unke sawaal seedhe hain. Ek unit padhiye, phir usi ke sawaal kijiye. Har galat jawab ke baad ek line likhiye: galti niyam mein thi, deadline mein, ya hisaab mein.

Unit 1: financial system ki buniyaad
Compliance bazaar ke andar hota hai. Pehle bazaar ka naksha saaf ho, tab aage ke niyam apni jagah baithte hain.

Unit 1: financial system ki buniyaad.

Yeh unit bazaar ki buniyaad hai. Primary market mein company naye shares jaari karke paisa uthati hai. Secondary market mein pehle se bane securities haath badalte hain. Saath mein equity, bond, derivative aur clearing corporation ka kaam aata hai.

• Naye shares primary market mein aate hain. Purane shares ka len-den secondary market mein hota hai.
• Equity share hissedari hai. Bond karz ka daava hai.
• Bond ka coupon face value par banta hai, bazaar ke daam par nahi.
• Novation ke baad clearing corporation har buyer aur seller ke beech aa jaata hai.

Is unit ke sawaal kholo

IS UNIT MEIN

Bazaar, securities aur clearing

Secondary market liquidity deta hai. Liquidity ka matlab hai ki investor aasaani se holding le ya chhod sake. Equity share company mein hissedari hai. Uska daava baaki daavon ke baad aata hai. Ise residual claim kehte hain. Derivative ka mol kisi underlying se banta hai, jaise share, rate ya index.

Kuch chhote hisaab bhi aate hain. Coupon face value guna coupon rate hai. Current yield saal ke coupon ko bazaar ke daam se bhaag dekar nikalti hai. Option buyer ka nafa payoff minus premium hai. Novation mein clearing corporation har seller ka buyer aur har buyer ka seller ban jaata hai.

• Liquidity ka matlab Koi cheez aaj ke daam ke paas kitni aasaani se kharidi ya bechi ja sakti hai.
• Option premium Option ka daam, jo buyer deta hai aur seller paata hai.

DHYAN

3 aam galtiyaan

Pehli: har share kharid ko company ki funding samajhna. Secondary market mein paisa bechne wale ko milta hai, company ko nahi.

Doosri: current yield ko yield to maturity samajhna. Current yield sirf saal ki coupon aamdani ko aaj ke daam se milati hai.

Teesri: option ki intrinsic value ko buyer ka nafa maan lena. Nafa nikalne ke liye premium ghatana padta hai.

• Intrinsic value Premium ka woh hissa jo abhi expiry hone par bhi bachta.

Unit 2: kaunsa regulator, kaunsa kanoon
Bazaar ka naksha ban gaya. Ab dekhna hai ki uske har hisse par kaun nazar rakhta hai.

Unit 2: kaunsa regulator, kaunsa kanoon.

Yeh unit batata hai ki kaunsa regulator kya dekhta hai. SEBI securities market dekhta hai, RBI central bank hai, IRDAI insurance aur PFRDA pension. Saath mein yeh aata hai ki niyam kab se laagu hota hai. Ek kanoon maan lene se doosre kanoon ki chhoot nahi milti.

• Product ka regulator product ki kism se tay hota hai, bechne wale se nahi.
• Suspicious transaction report FIU-IND ke Director ko jaati hai.
• Consultation paper ek prastaav hai, laagu niyam nahi.
• Andar ki policy ya client ka contract SEBI ke niyam ko kaat nahi sakta.

Is unit ke sawaal kholo

IS UNIT MEIN

Har kaam ka apna regulator

SEBI securities market ka regulator hai aur investors ki raksha karta hai. RBI monetary policy chalata hai. IRDAI insurance dekhta hai, chahe policy bank beche. PFRDA National Pension System dekhta hai. IFSCA, International Financial Services Centres ka akela, yaani unified, regulator hai. Registrar of Companies company registration ka record rakhta hai. Merger scheme ki manzoori National Company Law Tribunal deta hai.

Phir sawaal aata hai ki niyam kab laagu hai. Niyam June mein chhape aur August se shuru ho, toh July ka sauda purane niyam par jaancha jaata hai. Company par kai kanoon ek saath lagte hain. Companies Act, 2013 company banne aur governance ka kanoon hai. Exchange ke niyam maanne se company law ki filing maaf nahi hoti.

DHYAN

3 aam galtiyaan

Pehli: chhapne ki tareekh ko laagu hone ki tareekh maan lena. Pehle commencement, yaani shuru hone ki tareekh, dekhiye.

Doosri: client ke dastakhat ya management ki manzoori ko kaafi maan lena. Contract poora hona niyam ka todna theek nahi karta.

Teesri: har securities wale maamle ko SAT, yaani Securities Appellate Tribunal, ka maan lena. Merger ki company law manzoori NCLT ka kaam hai.

Unit 3: compliance ka kaam kya hai
Regulators aur kanoon saaf ho gaye. Ab woh team aati hai jo firm ke andar in niyamon ka paalan dekhti hai.

Unit 3: compliance ka kaam kya hai.

Compliance function firm ko kanoon, niyam aur andar ki policy ke andar rakhta hai. Yeh sales ki manzoori ya nafe ki guarantee ka kaam nahi hai. Compliance ko apni baat bina roktok upar tak le jaane ka raasta chahiye. Yeh unit preventive aur detective controls ka farak bhi sikhata hai.

• Business head compliance ki findings rok ya mita na sake.
• Preventive control galti ko hone se pehle rokta hai.
• Detective control ho chuki galti ko pakadta hai.
• Kaam outsource karne se zimmedari outsource nahi hoti.

Is unit ke sawaal kholo

IS UNIT MEIN

Compliance aur controls

Compliance ka kaam hai ki firm apni kanooni aur regulatory zimmedariyan poori kare. Iske liye compliance ko azaadi chahiye. Business head findings board tak pahunchne se pehle mita sake, toh yeh azaadi nahi hai.

Control 2 tarah ke hain. Bina manzoori wala order system mein jaane se pehle ruk jaaye, toh woh preventive control hai. Din ke aakhir ki report aise orders dikhaye, toh woh detective control hai. Disclosure ka sirf sach hona kaafi nahi. Bada risk saaf aur samajh aane layak dikhna chahiye.

DHYAN

3 aam galtiyaan

Pehli: har computer alert ko detective control kehna. Dekhiye ki control galti se pehle kaam karta hai ya baad mein.

Doosri: service provider ko kaam dekar zimmedari bhi de dena. Regulated firm hi jawabdeh rehti hai.

Teesri: chhote akshar mein chhupe risk ko disclosure maan lena. Client samjha hi nahi, toh disclosure ka kaam nahi hua.

Unit 4: SEBI Act, 1992
Compliance ka kaam samajh aa gaya. Ab woh kanoon aata hai jisse SEBI ko apni saari taakat milti hai.

Unit 4: SEBI Act, 1992 ke sections.

Yeh unit SEBI Act ke khaas sections par hai. Registration kaun le, SEBI jaanch kaise kare, penalty kaun lagaye aur appeal kahan jaaye, sab yahin hai. Har kaam ka apna section hai. Sawaal aksar section ka number uske kaam se milaate hain.

• Section 12: tay intermediaries ko registration certificate lena hota hai.
• Section 11C jaanch ka hai. Section 11B investors ki raksha ke directions ka hai.
• Penalty ki rakam Consolidated Fund of India mein jaati hai, shikayat karne wale ko nahi.
• SAT mein appeal order milne ke 45 din ke andar hoti hai.

Is unit ke sawaal kholo

IS UNIT MEIN

Registration, jaanch, penalty aur appeal

SEBI section 30 ke tahat regulations banata hai. Yeh Act ke daayre ke andar hi bante hain. Section 11C ke tahat SEBI investigating authority se jaanch karwa sakta hai. Section 15-I ke tahat SEBI adjudicating officer niyukt karta hai. Yahi officer jaanch karke penalty tay karta hai.

Section 15J penalty tay karte waqt kuch baatein dekhta hai. Galat tareeke se mila fayda, investor ka nuksaan, aur galti baar baar hui ya nahi. Disgorgement ka matlab hai galat kaam se mila fayda wapas lena. SAT, yaani Securities Appellate Tribunal, ke order ke khilaaf Supreme Court mein appeal section 15Z mein hoti hai. Woh sirf question of law, yaani kanoon ke sawaal, par hoti hai.

DHYAN

3 aam galtiyaan

Pehli: penalty bharne ko maamla khatam samajhna. Section 24 ke hisaab se penalty ke baad bhi prosecution, yaani mukadma, ho sakta hai.

Doosri: disgorgement aur penalty ko ek maan lena. Disgorgement fayda wapas leta hai. Penalty alag se lagti hai.

Teesri: appeal ke din galat jagah se ginna. 45 din order milne se gine jaate hain, kisi khabar ki tareekh se nahi.

Unit 5: SCRA aur uske Rules
SEBI ki taakat samajh aa gayi. Ab woh kanoon aata hai jo batata hai ki security aur maanya contract kya hai.

Unit 5: SCRA aur uske Rules.

Securities Contracts (Regulation) Act, yaani SCRA, batata hai ki security kya hai aur kaunse contracts maanya hain. Is unit mein securities ki paribhasha, options, derivatives aur listing ki shartein aati hain. Spot delivery contract ki kanooni paribhasha bhi yahin hai.

• Marketable company debenture SCRA mein security hai.
• Option buyer ke paas haq hai, zimmedari nahi.
• Section 18A shartein poori karne wale derivatives ko maanya banata hai.
• Section 21: listed company ko listing agreement ki shartein maanni hoti hain.

Is unit ke sawaal kholo

IS UNIT MEIN

Paribhasha aur contract

Paise wala har kaagaz security nahi hai. Security kya hai, yeh kanoon ki paribhasha batati hai. Section 18A derivatives ki kanooni maanyata par hai. Section 21 kehta hai ki listing ke baad listing agreement ki shartein maanni hoti hain.

Spot delivery contract mein delivery aur poora paisa, dono samay par hone chahiye. Ek hi shahar ke 2 log agle din delivery aur poora paisa tay karein, toh woh spot delivery hai. Spot ka matlab sirf usi din ka sauda nahi.

DHYAN

2 aam galtiyaan

Pehli: sirf delivery ki tareekh dekhna. Delivery agle din ho par paisa 30 din baad, toh woh spot delivery nahi. Dono hisse jaanchiye.

Doosri: listing ko kaam ka ant samajhna. Listing ke saath nayi zimmedariyan shuru hoti hain.

Unit 6: Intermediaries Regulations
Kanoon ki buniyaad ho gayi. Ab woh niyam aate hain jo har SEBI registered intermediary par ek jaise lagte hain.

Unit 6: Intermediaries Regulations aur code of conduct.

Yeh unit har registered intermediary ke saajhe niyam batata hai. Fit-and-proper, yaani registration ke layak hona, sirf shuru ka test nahi hai. Code of conduct firm ke saath uske directors aur staff par bhi lagta hai. Fees, client ka paisa, gopniyata aur inspection ke niyam bhi yahin hain.

• Fit-and-proper shartein arzi ke waqt bhi aur poore registration bhar lagti hain.
• Fee badhane se pehle clients ko pehle se sahi notice dena hota hai.
• Client ke liye aaya dividend use jaldi dena hota hai.
• Conflict batana kaafi nahi. Use theek se sambhalna bhi hota hai.

Is unit ke sawaal kholo

IS UNIT MEIN

Saare intermediaries ke saajhe niyam

Regulation 16 ke hisaab se code of conduct directors, officers, employees aur key managers par bhi lagta hai. Client ki income firm ki nahi hai. Use jaldi client tak pahunchana hota hai. Client ki baatein gopniya rehti hain. Par kanoon kisi authority ko records dene ko kahe, toh woh dene hote hain.

Registration nafe ke vaade ki manzoori nahi hai. Aisa kehna misleading representation, yaani bhatkaane wali baat, hai. Inspection mein maange gaye records aur madad deni hoti hai. Registration cancel ho, toh SEBI ke transfer ke nirdesh maanne hote hain aur bina ijaazat ka kaam band karna hota hai.

DHYAN

3 aam galtiyaan

Pehli: code ko sirf compliance officer ka kaam maan lena. Code poori firm aur uske logon par hai.

Doosri: client ke mana karne par kanooni disclosure rok dena. Gopniyata kanoon ki maang ke aage nahi tikti.

Teesri: cancellation ke baad purane clients ko chhod dena. Purane kaam ka vyavasthit transfer bhi zimmedari hai.

Unit 7: insider trading ke niyam
Saajhe niyam ho gaye. Ab gupt jaankari par trade karne ki rok aati hai, jo compliance ka bada hissa hai.

Unit 7: insider trading ke niyam.

Yeh unit UPSI paas rakhte hue trade karne ki rok par hai. UPSI, yaani unpublished price-sensitive information, woh khabar hai jo public nahi aur daam badal sakti hai. Insider company ke bahar ka insaan bhi ho sakta hai. Yeh unit UPSI ko sambhalne aur uska record rakhne ke niyam sikhata hai.

• Insider sirf naukri se nahi, jaankari tak pahunch se bhi banta hai.
• Khula trading window UPSI ke saath trade ki chhoot nahi deta.
• Trade mein nuksaan hua, tab bhi niyam toota hai.
• UPSI ka structured digital database kam se kam 8 saal rakhna hota hai.

Is unit ke sawaal kholo

IS UNIT MEIN

UPSI kya hai, aur use kaise sambhaalein

UPSI mein 2 baatein chahiye: khabar public na ho, aur daam par bada asar daal sake. Jaise kisi bade merger ka gupt faisla. Due diligence jaise sahi kaam ke liye UPSI di ja sakti hai. Par sirf zaroorat bhar, aur suraksha ke niyamon ke saath.

Information barrier, yaani teams ke beech jaankari ki deewar, research staff ko deal ki gupt khabar se door rakhta hai. Yeh sirf policy likhne se nahi, asli access control se banta hai. Structured digital database firm ke andar, timestamp aur audit trail ke saath rakha jaata hai. Deal poori hone ke baad use kam se kam 8 saal rakhte hain. SEBI ki jaanch chal rahi ho, toh jaanch khatam hone tak.

DHYAN

3 aam galtiyaan

Pehli: bahar ke adviser ko insider niyam se bahar maan lena. UPSI tak pahunch hai, toh woh insider ho sakta hai.

Doosri: khule trading window ko poori ijaazat samajhna. UPSI paas hai, toh trade nahi.

Teesri: purana record apne aap mita dena. Jaanch chal rahi ho, toh record rakhna hota hai.

Unit 8: fraud aur unfair trade practices
Gupt jaankari ki rok ke baad bazaar ke doosre dhokhe aate hain, jaise jhootha volume aur jhoothi khabar.

Unit 8: fraud aur unfair trade practices.

Yeh unit bazaar mein dhokhe aur manipulation ki pehchaan sikhata hai. Manipulation ka matlab hai daam ya volume se jaanbujh kar chhed-chhaad. Wash trading, front-running, pump-and-dump, churning aur jhoothe orders yahin aate hain. Har sawaal mein iraada aur saude ka asli matlab dekhna hota hai.

• Jhootha volume doosre investors ko asli maang ka galat ehsaas deta hai.
• Client ke gupt order se pehle khud trade karna front-running hai.
• Sirf brokerage ke liye bekaar trade karwana churning hai.
• Jaanbujh kar bada sach chhupana bhi fraud ho sakta hai.

Is unit ke sawaal kholo

IS UNIT MEIN

Manipulation ke roop

Wash trading mein jude hue khaate aapas mein shares ghumate hain. Asli malik nahi badalta, sirf volume badhta hai. Pump-and-dump mein ek group jhoothi achhi khabar failakar daam badhata hai. Phir apne shares un investors ko bechta hai jo khabar se aaye. Front-running mein dealer client ke bade gupt order se pehle khud trade karta hai.

Bina chalane ke iraade se order daal kar cancel karna bhi manipulation ho sakta hai. Isse jhoothi maang ya supply dikhti hai. Closing ke paas chhote trades se closing price bigaadna bhi isi mein aata hai. Fraud ke liye jhooth bolna zaroori nahi. Jaanbujh kar bada sach chhupana bhi kaafi hai.

DHYAN

3 aam galtiyaan

Pehli: alag naam wale khaaton ko alag traders maan lena. Saude ka asli malik aur maqsad dekhiye.

Doosri: har match hue trade ko fraud kehna. 2 alag investors ke asli orders bhi match hote hain. Iraade aur rishte ka saboot chahiye.

Teesri: trade na hone ko bachaav maan lena. Bina chale orders se bhi bazaar ko galat sanket mil sakta hai.

Unit 9: money laundering rokne ka kanoon
Bazaar ke dhokhe ke baad paise ka dhokha aata hai. Agla unit batata hai ki apradh ka paisa kaise pakda jaata hai.

Unit 9: money laundering rokne ka kanoon.

Prevention of Money Laundering Act, yaani PMLA, apradh ke paise ko bazaar se door rakhta hai. Intermediary ko client ki pehchaan pakki karni hoti hai aur asli malik tak pahunchna hota hai. Shaq wale saude report karne hote hain. Records kitne samay rakhne hain, yeh bhi isi unit mein hai.

• Bina pehchaan ya farzi naam ka khaata nahi khulta, chhota ho tab bhi.
• Politically exposed person ke saath rishta senior management ki manzoori se banta hai.
• Shaq ho, toh chhote saude ki bhi suspicious transaction report, yaani STR, banti hai.
• STR ki baat client ko batana mana hai. Ise tipping off kehte hain.

Is unit ke sawaal kholo

IS UNIT MEIN

Pehchaan, asli malik aur report

Beneficial owner woh insaan hai jo client company ka aakhir mein malik hai ya use control karta hai. Sirf company ka naam likhna kaafi nahi. Ownership chain mein hisse guna hote hain, jode nahi jaate. Politically exposed person, yaani PEP, ke saath zyada jaanch aur senior management ki manzoori chahiye.

STR shaq ke aadhar par banti hai, rakam ke aadhar par nahi. Beech mein chhoda gaya shaq wala sauda bhi report ho sakta hai. Shaq ka faisla hone ke 7 din ke andar STR jaani chahiye. Pehchaan ke records aam taur par 5 saal rakhe jaate hain. Yeh samay rishta khatam hone ya khaata band hone se gina jaata hai, jo baad mein ho.

DHYAN

3 aam galtiyaan

Pehli: STR par cash report wali rakam ki seema lagana. STR ki koi kam se kam rakam nahi hai.

Doosri: shaq ka faisla taal kar 7 din ki ghadi rokna. Faisla bhi bina der ke lena hota hai.

Teesri: 5 saal baad records mita dena. Jaanch khuli ho, toh case band hone tak records rakhne hote hain.

Unit 10: KYC Registration Agency
PMLA pehchaan ki jaanch maangta hai. Agla unit batata hai ki yeh pehchaan ke records kahan sambhale jaate hain.

Unit 10: KYC Registration Agency.

KRA, yaani KYC Registration Agency, clients ke KYC records rakhti, bachaati aur nikaalti hai. KYC ka matlab hai client ki pehchaan ki jaanch. Interoperability se ek KRA dekh sakti hai ki record doosri KRA ke paas hai ya nahi. Par KRA ka record intermediary ki apni jaanch ki jagah nahi leta.

• KRA pehchaan ke records sambhalti hai, nivesh ki strategy manzoor nahi karti.
• Interoperability se purana KYC record doosri KRA mein bhi mil sakta hai.
• Naya intermediary record download kare, tab bhi apni due diligence karta hai.

Is unit ke sawaal kholo

IS UNIT MEIN

1 record, kai intermediaries

KRA KYC ke records ek jagah sambhalti hai. Naya intermediary wahan se jaancha hua record le sakta hai.

KRAs aapas mein judi hain. Isliye ek KRA pata kar sakti hai ki client ka record doosri KRA ke paas hai.

DHYAN

2 aam galtiyaan

Pehli: KRA record ko poori jaanch maan lena. Badli hui ya shaq wali jaankari naya intermediary khud dekhta hai.

Doosri: har KRA ko akela system samajhna. Interoperability unhe jodti hai.

Unit 11: Foreign Portfolio Investors
Pehchaan ke niyam ke baad videshi investors aate hain. Unka registration aur unki seema alag niyamon se chalte hain.

Unit 11: Foreign Portfolio Investors.

FPI, yaani Foreign Portfolio Investor, woh videshi investor hai jo Indian securities mein nivesh karta hai. Uska registration certificate SEBI ki taraf se designated depository participant, yaani DDP, deta hai. FPI ki category investor ke prakar se tay hoti hai. Nivesh ki seema investor group ki kul holding par lagti hai.

• Har intermediary FPI certificate nahi de sakta. Yeh DDP ka kaam hai.
• Foreign sovereign wealth fund jaise sarkar se jude investor Category I mein aate hain.
• Eligible par Category I se bahar wala investor Category II mein jaata hai.
• Seema investor group ki holding milakar dekhi jaati hai.

Is unit ke sawaal kholo

IS UNIT MEIN

Registration, category aur seema

Category investor ke asli prakar se tay hoti hai, sirf videshi hone se nahi. Ek foreign family office eligible hai par Category I ki shartein poori nahi karta. Toh woh Category II mein jaata hai.

FPI ki apni holding ke saath uske investor group ki holding judti hai. Hisaab company ki fully diluted equity par hota hai. Naya kharid seema ke andar hai ya nahi, yeh pehle ki holding jodkar dekha jaata hai.

DHYAN

2 aam galtiyaan

Pehli: purani category ka dhaancha yaad rakhna. Aaj ke niyam mein Category I aur Category II hain.

Doosri: sirf naye order ka size seema se milana. Pehle ki holding aur naya hissa jodiye, phir seema se milaiye.

Unit 12: stock broker ke niyam
Ab ek ek intermediary ke apne regulations shuru hote hain. Pehla hai stock broker, jo client ke orders chalata hai.

Unit 12: stock broker ke niyam.

Yeh unit stock broker ki zimmedariyan sikhata hai. Har trade ke baad contract note dena, client ke order ki shartein maanna aur shikayat samay par sulajhaana yahin aata hai. Margin ki kami ka chhota hisaab bhi aata hai. Ek sawaal 2026 ke naye Stock Brokers Regulations par hai.

• Chale hue trade ka formal record contract note hai.
• Buy limit se upar ka daam client ki manzoori ke bina nahi.
• 2026 ke niyam mein shikayat par 21 calendar din mein kadam uthana hota hai.
• Order na chale, toh client ko sach batana hai. Jhootha fill banana mana hai.

Is unit ke sawaal kholo

IS UNIT MEIN

Order, record aur margin

Broker client ki di hui shartein ke andar hi order chalata hai. Bazaar limit se upar chala jaaye, toh broker limit maanta hai ya client se naya instruction leta hai. Client trade se inkaar kare, toh order ke records aur execution trail dekhe jaate hain. Execution trail order se trade tak ka record hai.

Margin ki kami zaroori margin ka woh hissa hai jo abhi dhaka nahi. Collateral par haircut ho, toh pehle haircut ghataiye, phir cash jodiye. Is unit ke sawaalon mein 2 aur cheezein hain. AIF, yaani Alternative Investment Fund, ki Category III complex trading strategies wale funds ki hai. Discretionary portfolio management mein manager client ke agreement se faisle leta hai.

• Margin ka matlab Position chalane ke liye broker ke paas rakha jaane wala paisa.

DHYAN

3 aam galtiyaan

Pehli: kami ki jagah poora margin dobara maangna. Sirf bachi hui kami maangi jaati hai.

Doosri: calendar din ko trading din se badal dena. Shikayat ki deadline 21 calendar din ki hai.

Teesri: nafe wale trade ko sahi maan lena. Client ki manzoori ka saboot dekhiye.

Unit 13: merchant banker, underwriter aur takeover
Broker bazaar ke trades sambhalta hai. Agla unit naye issue aur company ke control ke niyam dikhata hai.

Unit 13: merchant banker, underwriter aur takeover.

Merchant banker issue sambhalta hai aur due diligence, yaani poori jaanch, karta hai. Banker to an issue arzi ka paisa sambhalta hai. Is unit mein underwriting, buyback, delisting aur takeover ke open offer ke niyam bhi aate hain. Har intermediary ka kaam alag hai.

• Merchant banker issuer ki baat bina saboot ke nahi maanta.
• Underwriter ki zimmedari woh kami hai jo valid subscription ke baad bachti hai.
• Buyback ke shares khatam hon, toh company ke kul shares ghat jaate hain.
• Delisting exchange ki list se hatna hai, shares ka khatam hona nahi.

Is unit ke sawaal kholo

IS UNIT MEIN

Issue ka kaam aur takeover

Merchant banker issue chalata hai aur jaanch karta hai. Offer document ka koi bada daava record se na mile, toh merchant banker use theek karwata hai. Issuer ka dabaav jaanch ko nahi badalta. Underwriter ki zimmedari issue ke size aur valid subscription ka farak hoti hai.

Takeover niyam mein open offer 2 raaston se aa sakta hai. Voting rights ek tay seema paar karein, ya control mil jaaye. Seema dekhte waqt acquirer ke saath persons acting in concert ki holding bhi judti hai. Yeh woh log hain jo acquirer ke saath milkar kaam karte hain.

DHYAN

3 aam galtiyaan

Pehli: sirf acquirer ki holding dekhna. Saath kaam karne walon ki holding bhi jodiye.

Doosri: seema paar na ho, toh open offer ko band maan lena. Control milna apne aap mein trigger hai.

Teesri: merchant banker ke kaam ko return ki guarantee samajhna. Woh issue sambhalta hai, nivesh ka nateeja nahi.

Unit 14: ICDR, yaani issue ke niyam
Issue sambhalne wale ho gaye. Ab issue ke apne niyam aate hain: IPO, rights, bonus aur unka hisaab.

Unit 14: ICDR, yaani issue ke niyam.

ICDR Regulations batate hain ki company shares kaise jaari karti hai. IPO pehla public offer hai, jab company abhi listed nahi hoti. Rights issue, bonus, book building aur ASBA bhi yahin aate hain. Is unit mein hisaab ke sawaal kaafi hain.

• IPO unlisted company ka offer hai. Listed company ka naya offer further public offer kehlata hai.
• ASBA mein paisa applicant ke bank mein block rehta hai, allotment par katta hai.
• Offer for sale ka paisa bechne wale shareholders ko jaata hai, company ko nahi.
• Bonus ke baad kul holding mein purane aur naye, dono shares gine jaate hain.

Is unit ke sawaal kholo

IS UNIT MEIN

Issue ke prakar aur unka hisaab

Rights issue purane shareholders ko unki holding ke anupaat mein naye shares deta hai. Book building mein price band ke andar boliyan lagti hain. Unse maang dikhti hai aur issue price tay hota hai. ASBA, yaani Application Supported by Blocked Amount, mein paisa pehle block hota hai. Allot hue shares ka paisa hi katta hai.

Hisaab ke sawaal yahan bahut hain. Rights ya bonus mein ratio sahi disha mein lagaiye. Issue price ka face value wala hissa share capital mein jaata hai, baaki securities premium mein. Theoretical ex-rights price purane aur naye shares ki kul value ko kul shares se bhaag dekar banta hai. Yeh sirf hisaab hai, aage ke daam ka andaaza nahi.

DHYAN

3 aam galtiyaan

Pehli: bonus ke naye shares ko kul holding likh dena. Pehle naye shares nikaliye, phir purane jodiye.

Doosri: poore offer size ko company ka paisa maan lena. Fresh issue ka paisa company ko jaata hai, offer for sale ka bechne walon ko.

Teesri: price band ke upar ke daam ko apne aap issue price maan lena. Issue price boliyon se tay hota hai.

Unit 15: Depositories Act, 1996
Shares jaari ho gaye. Ab woh kanoon aata hai jo demat mein unka record aur malik tay karta hai.

Unit 15: Depositories Act, 1996.

Depositories Act demat securities ka kanoon hai. Section 10 ke hisaab se faayde, haq aur zimmedariyan beneficial owner ki hain. Ek jaisi securities ki units aapas mein badli ja sakti hain. Pledge ke liye depository participant ki tay prakriya hai.

• Dividend aur vote ka haq beneficial owner ka hai, depository ka nahi.
• Fungibility sirf ek hi class ki ek jaisi securities par lagti hai.
• Demat pledge tay prakriya se darj hota hai, statement dikhane se nahi.

Is unit ke sawaal kholo

IS UNIT MEIN

Malik kaun, aur units kaise badalti hain

Depository record mein registered owner ka naam sirf transfer ke kaam ke liye hai. Asli faayde beneficial owner, yaani investor, ke paas rehte hain.

Fungibility ka matlab hai ki demat units certificate number se nahi pehchani jaatin. Ek jaisi units aapas mein badli ja sakti hain.

DHYAN

2 aam galtiyaan

Pehli: fungibility ko alag companies ke shares par lagana. Woh sirf ek jaisi securities ke liye hai.

Doosri: statement haath mein hone ko pledge maan lena. Pledge DP ki prakriya se darj hona chahiye.

Unit 16: depositories aur participants ke niyam
Kanoon ke baad DP ke rozana niyam aate hain: record ka milaan aur har client ki holding alag rakhna.

Unit 16: depositories aur participants ke niyam.

Yeh unit depository participant, yaani DP, ke rozana control batata hai. DP ko har depository ke saath apna record roz milana hota hai. Har client ki holding alag rehni chahiye. Transfer sirf sahi aur jaanche hue instruction par hota hai.

• Regulation 64: record ka milaan roz hota hai, saal ya quarter mein nahi.
• Client ki holding DP ki apni securities se alag rehti hai.
• Farak mile, toh asli records se uski wajah dhoondhi jaati hai.
• Phone par kisi ke kehne se transfer nahi hota.

Is unit ke sawaal kholo

IS UNIT MEIN

Roz ka milaan aur alag holding

Reconciliation, yaani record ka milaan, roz hota hai. Audit ek alag control hai. Farak mile, toh use asli records se samjha jaata hai aur saboot ke saath theek kiya jaata hai.

Har beneficial owner ki securities alag dikhni chahiye. Kai clients aur DP ki holding ek dher mein milana segregation, yaani alag rakhne, ka niyam todta hai.

DHYAN

2 aam galtiyaan

Pehli: bina wajah ki balancing entry se milaan poora dikhana. Farak ki wajah dhoondhna hi asli kaam hai.

Doosri: client ki details jaanne wale ko adhikaari maan lena. Transfer ke liye valid authority aur instruction chahiye.

Unit 17: registrar aur share transfer agent
DP investor ka record rakhta hai. Agla unit company ki taraf ka record rakhne walon ke niyam dikhata hai.

Unit 17: registrar aur share transfer agent.

Registrar to an issue arziyon ka record sambhalta hai aur allotment ka kaam karta hai. Share transfer agent company ke security holders ka record aur transfer ka kaam dekhta hai. Associate issuer ka registrar banna mana hai. Compliance officer ko asli taakat chahiye.

• Registrar ka kaam records ka hai, nivesh ki salah ka nahi.
• Regulation 16: associate issuer ke issue ka registrar nahi bana ja sakta.
• Compliance officer ko jaanch ke liye access aur azaadi chahiye.

Is unit ke sawaal kholo

IS UNIT MEIN

Records ka kaam

Issue ke waqt registrar arziyon ka data sambhalta hai aur allotment mein kaam karta hai. Share transfer agent holders ka record aur transfer requests sambhalta hai. Yeh custody, trading ya research ka kaam nahi hai.

Kuch conflicts sirf bata dene se theek nahi hote. Associate issuer ke liye registrar banna regulation 16 seedha rokta hai.

DHYAN

2 aam galtiyaan

Pehli: har conflict ko disclosure se sulajhne wala maan lena. Yahan niyukti hi mana hai.

Doosri: compliance officer ko sirf naam ka pad dena. Management access roke, toh code ki shart tootti hai.

Unit 18: research analyst ke niyam
Records rakhne walon ke baad research likhne wale aate hain. Unke niyam saaf tathya aur azaadi par hain.

Unit 18: research analyst ke niyam.

Research report ke tathya bharose ki jaankari par tike hone chahiye. Analyst ka company mein financial interest ho, toh report mein use aur uska prakar batana hota hai. Analyst ka bonus kisi khaas investment banking deal se jodna mana hai, disclaimer ho tab bhi.

• Bharose wali tone saboot nahi hai. Tathya ka aadhar chahiye.
• Financial interest batane se padhne wala conflict samajh paata hai.
• Regulation 17(1) deal se jude bonus ko rokta hai.

Is unit ke sawaal kholo

IS UNIT MEIN

Saaf tathya aur azaad research

Report ke tathya bharose ki jaankari par hon. Analyst khud ko nishpaksh kahe, tab bhi conflict batana padta hai.

Research ki azaadi sirf disclosure se nahi aati. Analyst ka inaam bhi deal se juda nahi hona chahiye.

DHYAN

2 aam galtiyaan

Pehli: disclaimer ko har problem ka hal maan lena. Mana kiya hua bonus disclaimer se theek nahi hota.

Doosri: issuer ki pasand ko saboot samajhna. Tathya ka apna aadhar chahiye.

Unit 19: investment adviser ke niyam
Research ke baad salah dene wale aate hain. Unki zimmedari client ke bharose par tiki hai.

Unit 19: investment adviser ke niyam.

Investment adviser client ke liye fiduciary capacity mein kaam karta hai. Fiduciary ka matlab hai bharose ka rishta, jisme sahi aacharan ki zimmedari hoti hai. Suitability, yaani salah client ke layak hai ya nahi, 1 baar ka form nahi hai. Client ki haalat badle, toh risk profile dobara banta hai.

• Adviser ka rishta bharose ka hai, sirf product bechne ka nahi.
• Aamdani gayi aur paisa jaldi chahiye, toh risk profile dobara banta hai.
• Risk lene ki ichha aur nuksaan sehne ki kshamta alag cheezein hain.

Is unit ke sawaal kholo

IS UNIT MEIN

Bharosa aur suitability

Adviser client ki zaroorat, samay seema aur nuksaan sehne ki kshamta dekhta hai. Sirf client ki ichha kaafi nahi.

Risk profiling aur suitability chalti rehne wali zimmedari hai. Client ki aamdani badle, toh aage ki salah se pehle profile update hota hai.

DHYAN

2 aam galtiyaan

Pehli: purane profile par tike rehna. Haalat badli, toh profile bhi badalna hai.

Doosri: zyada risk ke shauk ko risk sehne ki kshamta maan lena. Paisa jaldi chahiye, toh bada nuksaan sehna mushkil hai.

Unit 20: debenture trustee ke niyam
Investors ke baad debt ke holders aate hain. Unki raksha ka kaam debenture trustee karta hai.

Unit 20: debenture trustee ke niyam.

Debenture trustee debenture holders ke hiton ki raksha karta hai. Fees issuer deta hai, phir bhi trustee holders ke liye kaam karta hai. Woh security aur byaaj ke bhugtaan par nazar rakhta hai. Default ho, toh woh kanoon aur trust deed ke hisaab se kadam uthata hai.

• Trustee holders ke liye hai, issuer ke liye nahi.
• Nazar debt ki shartein par rehti hai, share ke daam par nahi.
• Issuer kahe, tab bhi default ko andekha nahi kiya jaata.
• Security cover ka hisaab contract ki shart se hota hai.

Is unit ke sawaal kholo

IS UNIT MEIN

Holders ki raksha

Trustee trust deed aur issue ki shartein dekhta hai. Tay security bani hai ya nahi, aur byaaj samay par mil raha hai ya nahi, yeh uska kaam hai.

Kuch sawaal security cover ka hisaab poochhte hain. Pehle contract ki shart se zaroori security nikaliye. Phir maujood eligible security ghataiye. Jo bache, utni security aur chahiye.

DHYAN

2 aam galtiyaan

Pehli: company ke mazboot share daam ko debt ki suraksha maan lena. Trustee shartein jaanchta hai, share ka daam nahi.

Doosri: principal se zyada security ko hamesha kaafi maan lena. Contract ki cover shart usse oonchi ho sakti hai.

Unit 21: credit rating agency ke niyam
Debt ki baat chal rahi hai. Agla unit batata hai ki debt ki rating kya kehti hai, aur kya nahi.

Unit 21: credit rating agency ke niyam.

Credit rating ek raay hai ki debt poora aur samay par chukaya jaayega ya nahi. Yeh nivesh ke nateeje ki guarantee nahi hai. Rating 1 baar ka kaam bhi nahi. Issuer ki haalat badle, toh agency rating par nazar rakhkar use dobara dekhti hai.

• Oonchi rating interest rate ka risk nahi hatati.
• Chukane ki kshamta ghate, toh rating review hota hai.
• 2 agencies ki alag rating apne aap mein fraud ka saboot nahi.

Is unit ke sawaal kholo

IS UNIT MEIN

Rating kya batati hai

Rating sirf credit risk, yaani karz na chukane ke khatre, ki baat karti hai. Byaaj dar badhe, toh achhi rating wale bond ka daam bhi gir sakta hai.

Agency ko surveillance, yaani lagataar nazar, rakhni hoti hai. Alag agencies ke tareeke aur faisle alag ho sakte hain. Isliye unki rating bhi alag ho sakti hai.

DHYAN

2 aam galtiyaan

Pehli: kam default risk ko koi risk nahi samajhna. Bazaar ke daam ka risk rehta hai.

Doosri: pehli rating ko maturity tak pakki maan lena. Rating badal sakti hai.

Unit 22: custodian ke niyam
Rating ke baad securities ko surakshit rakhne wala aata hai. Uska kaam sambhalna hai, chunna nahi.

Unit 22: custodian ke niyam.

Custodian client ki securities sambhal kar rakhta hai aur unke haq, jaise dividend, ka kaam karta hai. Woh portfolio manager nahi hai. Har client ki securities alag rehti hain. Regulation 17 ke hisaab se client agreement mein assets aane aur jaane ki shartein likhi hoti hain.

• Ek client ki securities doosre client ki delivery mein nahi lag sakti.
• Custody-only client ke shares bina ijaazat nahi beche ja sakte.
• Agreement batata hai ki assets aur paisa kab aur kaise aate jaate hain.

Is unit ke sawaal kholo

IS UNIT MEIN

Sambhalna, chunna nahi

Custody ka matlab hai securities surakshit rakhna aur unke haq ka kaam karna. Kaunsa nivesh karna hai, yeh custodian ka faisla nahi.

Agreement mein assets aur paisa lene aur chhodne ki shartein hoti hain. Isse custodian ka adhikaar saaf rehta hai.

DHYAN

2 aam galtiyaan

Pehli: thodi der ke transfer ko theek maan lena. Thodi der ke liye bhi ek client ki securities doosre ke kaam nahi aatin.

Doosri: bachaane ke iraade se bina ijaazat bechna. Daam gire, tab bhi custodian ko client ki valid ijaazat chahiye.

Unit 23: proxy advisors
Aakhri unit shareholders ke vote par hai. Proxy advisor us vote se pehle research deta hai.

Unit 23: proxy advisors.

Proxy advisor investors ko company ke resolutions par vote ke liye research deta hai. Uski recommendation sirf madad hai, vote ka faisla nahi. Voting policy kam se kam saal mein 1 baar review hoti hai. Kanoon se oonchi shart sujhaaye, toh dono ka farak saaf batana hota hai.

• Proxy research vote mein madad karti hai, vote khud nahi daalti.
• Voting policies kam se kam saal mein 1 baar review hoti hain.
• Kanoon ki shart aur advisor ki oonchi shart alag dikhni chahiye.

Is unit ke sawaal kholo

IS UNIT MEIN

Vote se pehle ki research

Shareholders company ke resolutions par vote dete hain. Proxy advisor un resolutions ko samajhne mein madad karta hai.

SEBI ke procedural guidelines mein voting policy ka review kam se kam saal mein 1 baar hota hai. Advisor kanoon se kadi governance shart sujhaaye, toh kanoon ki shart, apni shart aur uski wajah, teeno batata hai.

DHYAN

2 aam galtiyaan

Pehli: advisor ki raay ko kanooni vote samajhna. Vote ka faisla investor ka hai.

Doosri: oonchi shart na maanne wali company ko kanoon todne wali kehna. Kanoon ki shart poori hai, toh woh compliant hai.

Poore Series III-A paper ki practice
Saare 23 unit ho gaye. Ab sab units ke mile-jule sawaal dikhate hain ki kaunsa unit abhi kachcha hai.