Series IX Merchant Banking exam: dhaancha aur padhai ka rasta.

Poori series ke sawaal kholo

KAISE PADHEIN

Unit ke kram mein, ek ek karke

Pehle 2 units bhasha sikhate hain: equity, debt, primary aur secondary market, aur merchant banking ka kaam. Teesra unit registration aur code of conduct par hai. Inke bina aage ke niyam adhoore lagte hain.

Phir issue management ke 3 units aate hain. Ek unit padhne ke baad usi ke sawaal kijiye. Har galat answer ke baad ek line likhiye: galti niyam mein thi ya hisaab mein.

Unit 1: capital market ki buniyaad
Equity, debt aur 2 tarah ke market ka farak pehle baithna chahiye. Baaki saare units isi par khade hain.

Unit 1: capital market ki buniyaad.

Yeh unit capital market ki bhasha sikhata hai. Primary aur secondary market ka farak, equity aur debt, aur depository ka kaam yahin aata hai. Saath mein coupon, current yield, market capitalisation aur total return jaise chhote hisaab bhi hain.

• Naya issue company ke liye paisa uthaata hai. Purane shares ki bikri ka paisa bechne wale ko jaata hai.
• Equity share malikana hai. Debenture udhaar hai.
• Coupon face value par lagta hai, bazaar ke daam par nahi.
• Yield badhe toh fixed coupon wale bond ka daam girta hai.

Is unit ke sawaal kholo

IS UNIT MEIN

Paisa kahan se aata hai

Primary market mein company naye securities bechkar paisa uthaati hai. Secondary market mein investor aapas mein purane shares ka len-den karte hain. Is bikri se company ko naya paisa nahi milta. Depository shares ko electronic roop mein rakhti hai. Depository participant investor ko depository se jodta hai.

Equity share company mein malikana dikhata hai. Debt instrument ek udhaar hai. Issuer tay byaaj na chuka paaye, toh woh credit risk hai. Index futures jaisa derivative apna mol kisi aur cheez se leta hai. Liquidity ka matlab hai security ko aasaani se paise mein badalna, kisi tay daam ki guarantee nahi.

• Liquidity Bazaar mein aasani se sauda ho jaana kis cheez par tika hai.

DHYAN

3 aam galtiyaan

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

Doosri: current yield ko coupon rate samajhna. Current yield saal ki kamai ko aaj ke bazaar daam se baant kar nikalta hai. Coupon face value par chalta hai.

Teesri: total return mein dividend bhoolna. Return mein daam ka badlav aur beech mein mila cash, dono judte hain. Nayi equity par ownership post-money valuation se nikalti hai, pre-money se nahi.

Unit 2: merchant banking kya hai
Bazaar ki buniyaad ke baad ab us professional ki baari hai jo company ko bazaar tak le jaata hai.

Unit 2: merchant banking kya hai.

Yeh unit batata hai ki merchant banker kya karta hai. Issue manage karna iske kaam ka kendra hai. Saath mein loan syndication, private placement, capital structure ki salah aur private equity ki deal bhi aati hain. Yahan commercial bank aur merchant banker ka farak bhi saaf hota hai.

• Deposit lena commercial bank ka kaam hai, issue manage karna merchant banker ka.
• Loan syndication ek bade loan ko kai lenders mein baant deta hai.
• Underwriting ka vaada sach mein hua ho, tabhi shortfall ki zimmedari aati hai.
• Fee dene wala client bhi galat disclosure nahi maang sakta.

Is unit ke sawaal kholo

IS UNIT MEIN

Merchant banker ke kaam

SEBI ki paribhasha mein issue management aur usse judi salah merchant banking hai. Merchant bankers ka registration SEBI (Merchant Bankers) Regulations, 1992 ke tahat hota hai. Private placement chune hue investors ke paas jaata hai, poori public ke paas nahi. Phir bhi us par niyam lagte hain.

Engagement letter kaam ka daayra aur fee pehle se tay karta hai. Capital structure ki salah debt aur equity ke mel par hoti hai. Management khud business khareede, toh woh management buyout hai. Naya loan sirf purana loan chukane ke liye ho, toh woh refinancing hai.

DHYAN

3 bharam

Pehli: underwriting ko daam ki guarantee samajhna. Underwriting subscription ka sahara hai. Listing ke baad share upar jaayega, iska koi vaada nahi.

Doosri: investor se milwaane wale adviser ko underwriter maan lena. Investor peeche hat jaaye, toh adviser tabhi shortfall bharega jab underwriting ka vaada sach mein hua ho.

Teesri: sirf sabse badi valuation dekhna. Investor ke control rights bhi maayne rakhte hain. Fee ke hisaab mein bhi contract ka base dekhiye, jaise sirf ek hadd se upar ki rakam.

Unit 3: registration aur code of conduct
Kaam samajh aa gaya. Ab dekhna hai ki yeh kaam karne ki ijaazat kaise milti hai, aur kin niyamon mein bandha hai.

Unit 3: registration, aacharan aur zimmedariyaan.

Merchant banker banne se pehle SEBI ka registration certificate chahiye. Yeh unit uska form, categories, net worth ki shartein aur principal officer ka anubhav sikhata hai. Phir Schedule III ka code of conduct, shikayat ka samay, conflict, gopniyata aur compliance officer aate hain.

• Sirf company bana lene se merchant banker ka kaam shuru nahi hota. SEBI ka certificate alag se chahiye.
• Registration certificate tab tak valid hai jab tak suspend ya cancel na ho.
• Net worth aur liquid net worth 2 alag test hain.
• Due diligence aur offer document ki taiyaari outsource nahi hoti.

Is unit ke sawaal kholo

IS UNIT MEIN

Ijaazat aur uski shartein

Registration ki application Form A mein jaati hai. Naye dhaanche mein Category I sab ijaazat wale kaam kar sakti hai. Category II main board ke liye public equity issue manage nahi kar sakti. Principal officer ke paas financial market ka kam se kam 5 saal ka anubhav chahiye. Fit and proper ki jaanch SEBI Intermediaries Regulations, 2008 ke Schedule II se hoti hai.

Net worth tay hadd se neeche jaaye, toh merchant banker naya kaam nahi le sakta. Code of conduct Schedule III mein hai. Investor ki shikayat 21 calendar din mein suljhaani hoti hai. Naye applicant ke compliance officer ke paas NISM Series IX aur Series III-A, dono certificate chahiye. Compliance officer ko kaam karne ki poori azaadi aur taakat milni chahiye.

DHYAN

Niyam ko poora padhiye

Pehli: exam certificate ki validity ko registration par laga dena. NISM certificate ki apni muddat hai. SEBI registration tab tak chalta hai jab tak suspend ya cancel na ho.

Doosri: purane registrant ki transition hadd ko naye applicant par laga dena. Naye applicant ko poori hadd chahiye. Net worth poori ho, tab bhi liquid net worth alag se jaanchni hoti hai.

Teesri: gopniyata ko poori tarah band samajhna. Kanoon jaankari maange, toh dena chhoot hai. Conflict ho, toh use batana aur theek se sambhalna hota hai. Chupa hua conflict fee milne se theek nahi hota.

Unit 4: issue management ke zaroori shabd
Ijaazat aur niyam ke baad issue management shuru hota hai. Pehle uski bhasha seekhni hogi.

Unit 4: issue management ke zaroori shabd.

Yeh unit issue ki bhasha sikhata hai. IPO, FPO, rights issue, ASBA, green shoe, DRHP aur red herring prospectus yahin aate hain. Saath mein book building, QIB, cut-off bid aur issue premium bhi hain. Kuch chhote hisaab bhi hain, jaise net offer aur ownership.

• IPO pehla public offer hai. FPO listed company ka agla public offer.
• Offer for sale ka paisa bechne wale shareholders ko jaata hai, company ko nahi.
• Issue premium issue price minus face value hai.
• Cut-off bid final daam maanta hai, allotment ki guarantee nahi deta.

Is unit ke sawaal kholo

IS UNIT MEIN

Issue ki bhasha

IPO ek unlisted company ka pehla public equity offer hai. Usme naye shares bhi ho sakte hain aur purane holders ke shares bhi. Rights issue maujooda shareholders ko unke hisse ke anupaat mein naye shares deta hai. ASBA mein application ka paisa applicant ke apne bank mein block rehta hai. Green shoe listing ke baad daam ko sambhalne ka ek tareeka hai, daam ki guarantee nahi.

DRHP issue ke disclosures ka draft hai. Red herring prospectus mein daam ya shares ki poori ginti abhi baaki ho sakti hai. Book building mein investors ki boliyaan daam dhoondhne mein madad karti hain. QIB hona investor ki category se tay hota hai, boli ke size se nahi.

DHYAN

Base pehchaaniye

Pehli: poore offer size ko company ka paisa maan lena. Naye shares ka paisa company ko jaata hai. Offer for sale ka paisa bechne walon ko.

Doosri: net offer mein ek hi reservation ghatana. Employees aur shareholders, jitne reservations likhe hain, sab ek ek baar ghataiye.

Teesri: ownership ke hisaab mein base galat lena. Naya issue kul shares badhata hai. Holder ki bikri sirf uske apne shares ghatati hai. Price band ka farak bhi neeche wale daam se baant kar nikalta hai.

Unit 5: issue ka process aur underwriting
Shabd aa gaye. Ab dekhna hai ki issue shuru se allotment tak kaise chalta hai.

Unit 5: issue ka process aur underwriting.

Yeh unit issue ka poora raasta dikhata hai. Book running lead manager kaam ko jodta hai, registrar applications sambhalta hai, aur bank ASBA ka paisa block karta hai. Phir underwriting aati hai: shortfall kaun bharega, kab aur kitna. Saath mein oversubscription, boli ka hisaab aur disclosures update karna bhi hai.

• Underwriter ka vaada sirf bacha hua, yaani unsubscribed, hissa bharne ka hai.
• Devolved shares basis of allotment final hone se pehle lene hote hain.
• Final daam par ya usse upar ki boli hi daam ki shart poori karti hai.
• Face value se offer price sahi saabit nahi hota.

Is unit ke sawaal kholo

IS UNIT MEIN

Issue ka safar

Registrar applications ko process karta hai aur allotment ka record rakhta hai. Applicant ka bank ASBA ka paisa block karta hai. Floor price band ka sabse neeche ka daam hai. Valid maang offer se zyada ho, toh issue oversubscribed hai. Subscription multiple valid maang ko offer ke shares se baant kar nikalta hai.

Underwriting mein shortfall ke shares underwriter par aate hain. Ise devolution kehte hain. Underwriting commission contract ke base par lagta hai. Woh base devolve hui rakam se alag ho sakta hai. Allotment ke baad block se sirf allotment ka paisa katta hai. Baaki paisa release hota hai.

DHYAN

3 jagah jahan galti hoti hai

Pehli: partial underwriting ko poora cover maan lena. Underwriting ki hadd shortfall se chhoti ho, toh baaki gap khula rehta hai. 2 underwriters hon, toh marked aur unmarked, dono applications ka credit ghataiye.

Doosri: raw boliyon ka total report kar dena. Pehle validity milaiye. Allotment register aur payment record bhi aapas mein milne chahiye.

Teesri: disclosure ko ek baar ka kaam samajhna. Draft ke baad koi bada business event ho, toh disclosures update hote hain. Advertisement mein bada jokhim chhupa kar sirf fayde dikhana galat hai. In-principle listing approval return ki guarantee nahi hai.

Unit 6: due diligence aur zimmedariyaan
Issue ka raasta samajh aa gaya. Ab dekhna hai ki merchant banker jaankari ko kaise jaanchta hai, aur doosre issue raaste kaunse hain.

Unit 6: due diligence aur zimmedariyaan.

Is unit ka kendra due diligence hai, yaani zaroori jaankari ko saboot se jaanchna. Related party, chal rahe case, guarantee, patent aur issue ke paise ka upyog, sab yahin jaanche jaate hain. Saath mein preferential issue, QIP, IDR aur rights entitlement jaise raaste bhi aate hain.

• Due diligence jaanch ka process hai, return ki guarantee nahi.
• Lender ka confirmation management ke andaaze se mazboot saboot hai.
• Licence par mila patent company ki milkiyat nahi hai.
• Rights entitlement bechna apne purane shares bechna nahi hai.

Is unit ke sawaal kholo

IS UNIT MEIN

Saboot se jaanch

Preferential issue chune hue logon ko diya jaata hai. QIP sirf qualified institutional buyers ke liye hai, aur uska document placement document kehlata hai. IDR kisi videshi company ke equity shares mein hissa dikhata hai. Renounceable rights mein shareholder apna subscription ka haq kisi aur ko de sakta hai. Ise renunciation kehte hain.

Due diligence mein related party rishte dekhe jaate hain, jaise promoter ke parivaar ki supplier company. Vivaad wala tax claim contingent liability aur litigation ki jaanch mein aata hai. Kisi doosri company ke karz par di gayi guarantee bhi ek exposure hai. Issue ke paise ka upyog har kaagaz mein ek jaisa dikhna chahiye.

DHYAN

Daave aur saboot alag hain

Pehli: 'owns' aur 'may use' ko ek samajhna. Licence se patent ka malikana nahi milta. Disclosure wahi kahe jo contract deta hai.

Doosri: management ki ummeed ko tathya maan lena. Bina saboot ke contract renewal ko valuation mein lena galat hai. Pichhle saal ki audited kamai aage ki kamai ka kanooni haq nahi hai.

Teesri: rights ratio ulta padhna. 5 par 2 ka matlab hai har 5 purane shares par 2 naye. Theoretical ex-rights price mein purane shares aur naye paise, dono ko unki ginti se jodiye.

Unit 7: mergers, acquisitions aur takeovers
Issue ke baad merchant banker ka ek aur bada kaam aata hai: companies ka milna aur khareeda jaana.

Unit 7: mergers, acquisitions aur takeovers.

Yeh unit companies ke milne aur khareede jaane par hai. Horizontal aur vertical merger, friendly takeover aur synergy yahin aate hain. Phir SEBI ke takeover niyam aate hain: open offer kab banta hai, uska size kitna, manager kaun, aur escrow kyun. Saath mein share swap aur EPS ka hisaab bhi hai.

• Ek hi product banane wale 2 rivals milein, toh horizontal merger hai.
• Control lena open offer ka ek alag trigger hai.
• Open offer ka trigger aur offer ka minimum size 2 alag numbers hain.
• Saal ki kharid mein beech ki bikri ghatai nahi jaati.

Is unit ke sawaal kholo

IS UNIT MEIN

Milna, khareedna aur open offer

Supplier ko khareedna vertical integration hai. Target ka board saude ko maane, toh takeover friendly kehlata hai. Persons acting in concert ek saajha iraade se milkar kaam karte hain. Unka samjhauta likha hua ho, yeh zaroori nahi. Shares bikne se company ke loan khatam nahi hote.

Hadd paar ho ya control badle, toh open offer banta hai, agar koi chhoot na ho. Group ki holding mein concert walon ke shares bhi judte hain. Open offer ka manager SEBI-registered merchant banker hota hai, jo acquirer ka associate na ho. Escrow mein rakha paisa acquirer ke vaadon ko poora karwane ki suraksha hai. Minimum offer price kai benchmarks mein sabse ooncha hota hai.

DHYAN

Shabd aur base par dhyan

Pehli: 'more than' ko 'at least' padhna. Saalana kharid ka niyam tay hadd se zyada par lagta hai, theek us hadd par nahi.

Doosri: net badlav se saalana test karna. Saal bhar ki kul kharid gini jaati hai. Beech mein bechne se ginti reset nahi hoti.

Teesri: naye shares ke baad base na badalna. Naye shares milne par acquirer ki holding aur company ke kul shares, dono badhte hain. Synergy poori buyer ki kamai nahi hai. Premium aur kharche ghata kar hi buyer ka asli fayda nikalta hai.

Unit 8: disinvestment, buyback aur delisting
Takeover ke baad aakhri unit baaki kaamon par hai: sarkar ka hissa bechna, company ka apne shares khareedna aur delisting.

Unit 8: disinvestment, buyback aur delisting.

Aakhri unit kuch aur kaamon par hai. Disinvestment mein sarkar apna hissa bechti hai. Buyback mein company apne hi shares khareedti hai. Delisting mein share exchange se hatt jaata hai. Saath mein secured debt, debenture trustee, ESOP, SME market making aur exit offer bhi aate hain.

• Strategic disinvestment mein management ka control bhi haath badalta hai.
• Delisting se company khatam nahi hoti.
• Buyback ke baad shares cancel hon, toh na bechne wale ki ownership badh sakti hai.
• Market maker liquidity deta hai, return ki guarantee nahi.

Is unit ke sawaal kholo

IS UNIT MEIN

Hissa bechna, shares wapas lena

Disinvestment ka matlab hai sarkar ka apna hissa bech kar malikana ghatana. Isse company band nahi hoti. Minority hissa bechna aur control dena alag baatein hain. Buyback mein shares khareedne wali khud company hai. Delisting ke baad bhi company kanooni roop se maujood reh sakti hai.

Secured debt ke peeche ek tay security interest hota hai. Debenture trustee debt holders ke hit ki raksha karta hai. ESOP mein grant, vesting aur exercise alag padaav hain. Exit offer asehmat shareholders ko tay sharton par nikalne ka raasta deta hai. AIF ke placement memorandum mein bataya gaya jokhim asli plan se mel khana chahiye.

DHYAN

Hisaab ke 3 jaal

Pehli: buyback mein sirf shares ki ginti ghatana. Cash nikalne se kamai bhi ghat sakti hai. Sawaal profit ka ghatna bataye, toh EPS mein dono badlaav lagaiye.

Doosri: na bechne wale ki ownership ko same maan lena. Uske shares utne hi rehte hain, par kul shares ghat jaate hain. Isliye uska hissa badh jaata hai.

Teesri: exit ki poori rakam ko fayda samajhna. Fayda nikalne ke liye lagat aur fee, dono ghataiye. Fee sahi base par lagaiye.

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