Financial Brokerage Aspects

8/2/2019 Financial Brokerage Aspects

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MUTUAL FUNDS

The article mentioned below, is for the investors who have not yet started investing in mutualfunds, but willing to explore the opportunity and also for those who want to clear their basics

for what is mutual fund and how best it can serve as an investment tool.

Getting StartedBefore we move to explain what is mutual fund, its very important to know the area in which

mutual funds works, the basic understanding of stocks and bonds.

Stocks

Stocks represent shares of ownership in a public company. Examples of public companiesinclude Reliance, ONGC and Infosys. Stocks are considered to be the most common owned

investment traded on the market.

Bonds

Bonds are basically the money which you lend to the government or a company, and in return

you can receive interest on your invested amount, which is back over predetermined amounts

of time. Bonds are considered to be the most common lending investment traded on themarket.

There are many other types of investments other than stocks and bonds (including annuities,

real estate, and precious metals), but the majority of mutual funds invest in stocks and/or

bonds.

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Working of Mutual Fund

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Regulatory Authorities

To protect the interest of the investors, SEBI formulates policies and regulates the mutual

funds. It notified regulations in 1993 (fully revised in 1996) and issues guidelines from time to

time. MF either promoted by public or by private sector entities including one promoted byforeign entities is governed by these Regulations.

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SEBI approved Asset Management Company (AMC) manages the funds by making

investments in various types of securities. Custodian, registered with SEBI, holds the securities

of various schemes of the fund in its custody.

According to SEBI Regulations, two thirds of the directors of Trustee Company or board of

trustees must be independent.The Association of Mutual Funds in India (AMFI) reassures the investors in units of mutual

funds that the mutual funds function within the strict regulatory framework. Its objective is to

increase public awareness of the mutual fund industry.

AMFI also is engaged in upgrading professional standards and in promoting best industrypractices in diverse areas such as valuation, disclosure, transparency etc.

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What is a Mutual Fund?

A mutual fund is just the connecting bridge or a financial intermediary that allows a group of

investors to pool their money together with a predetermined investment objective. The mutual

fund will have a fund manager who is responsible for investing the gathered money intospecific securities (stocks or bonds). When you invest in a mutual fund, you are buying units or

portions of the mutual fund and thus on investing becomes a shareholder or unit holder of the

fund.

Mutual funds are considered as one of the best available investments as compare to others they

are very cost efficient and also easy to invest in, thus by pooling money together in a mutual

fund, investors can purchase stocks or bonds with much lower trading costs than if they tried to

do it on their own. But the biggest advantage to mutual funds is diversification, by minimizingrisk & maximizing returns.

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Diversification

Diversification is nothing but spreading out your money across available or different types of

investments. By choosing to diversify respective investment holdings reduces risk

tremendously up to certain extent.

The most basic level of diversification is to buy multiple stocks rather than just one stock.Mutual funds are set up to buy many stocks. Beyond that, you can diversify even more by

purchasing different kinds of stocks, then adding bonds, then international, and so on. It could

take you weeks to buy all these investments, but if you purchased a few mutual funds youcould be done in a few hours because mutual funds automatically diversify in a predetermined

category of investments (i.e. - growth companies, emerging or mid size companies, low-gradecorporate bonds, etc).

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Types of Mutual Funds Schemes in India

Wide variety of Mutual Fund Schemes exists to cater to the needs such as financial position,risk tolerance and return expectations etc. thus mutual funds has Variety of flavors, Being a

collection of many stocks, an investors can go for picking a mutual fund might be easy. There

are over hundreds of mutual funds scheme to choose from. It is easier to think of mutual funds

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in categories, mentioned below.

Overview of existing schemes existed in mutual fund category: BY STRUCTURE

1. Open - Ended Schemes:

An open-end fund is one that is available for subscription all through the year. These do not

have a fixed maturity. Investors can conveniently buy and sell units at Net Asset Value("NAV") related prices. The key feature of open-end schemes is liquidity.

2. Close - Ended Schemes:

These schemes have a pre-specified maturity period. One can invest directly in the scheme at

the time of the initial issue. Depending on the structure of the scheme there are two exit

options available to an investor after the initial offer period closes. Investors can transact (buyor sell) the units of the scheme on the stock exchanges where they are listed. The market price

at the stock exchanges could vary from the net asset value (NAV) of the scheme on account of

demand and supply situation, expectations of unitholder and other market factors. Alternatively

some close-ended schemes provide an additional option of selling the units directly to theMutual Fund through periodic repurchase at the schemes NAV; however one cannot buy units

and can only sell units during the liquidity window. SEBI Regulations ensure that at least oneof the two exit routes is provided to the investor.

3. Interval Schemes:

Interval Schemes are that scheme, which combines the features of open-ended and close-ended

schemes. The units may be traded on the stock exchange or may be open for sale or

redemption during pre-determined intervals at NAV related prices.

The risk return trade-off indicates that if investor is willing to take higher risk then

correspondingly he can expect higher returns and vise versa if he pertains to lower risk

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instruments, which would be satisfied by lower returns. For example, if an investors opt for

bank FD, which provide moderate return with minimal risk. But as he moves ahead to invest in

capital protected funds and the profit-bonds that give out more return which is slightly higheras compared to the bank deposits but the risk involved also increases in the same proportion.

Thus investors choose mutual funds as their primary means of investing, as Mutual fundsprovide professional management, diversification, convenience and liquidity. That doesnt

mean mutual fund investments risk free. This is because the money that is pooled in are notinvested only in debts funds which are less riskier but are also invested in the stock markets

which involves a higher risk but can expect higher returns. Hedge fund involves a very high

risk since it is mostly traded in the derivatives market which is considered very volatile.

Overview of existing schemes existed in mutual fund category: BY NATURE

1. Equity fund:

These funds invest a maximum part of their corpus into equities holdings. The structure of the

fund may vary different for different schemes and the fund managers outlook on different

stocks. The Equity Funds are sub-classified depending upon their investment objective, asfollows:

Diversified Equity Funds

Mid-Cap Funds

Sector Specific Funds

Tax Savings Funds (ELSS)

Equity investments are meant for a longer time horizon, thus Equity funds rank high on the

risk-return matrix.

2. Debt funds:

The objective of these Funds is to invest in debt papers. Government authorities, private

companies, banks and financial institutions are some of the major issuers of debt papers. By

investing in debt instruments, these funds ensure low risk and provide stable income to theinvestors. Debt funds are further classified as:

Gilt Funds: Invest their corpus in securities issued by Government, popularly known

as Government of India debt papers. These Funds carry zero Default risk but are

associated with Interest Rate risk. These schemes are safer as they invest in papers

backed by Government.

Income Funds: Invest a major portion into various debt instruments such as bonds,

corporate debentures and Government securities.

MIPs: Invests maximum of their total corpus in debt instruments while they takeminimum exposure in equities. It gets benefit of both equity and debt market. These

scheme ranks slightly high on the risk-return matrix when compared with other debt

schemes.

Short Term Plans (STPs): Meant for investment horizon for three to six months.

These funds primarily invest in short term papers like Certificate of Deposits (CDs) and

Commercial Papers (CPs). Some portion of the corpus is also invested in corporate

debentures.

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Liquid Funds: Also known as Money Market Schemes, These funds provides easy

liquidity and preservation of capital. These schemes invest in short-term instruments

like Treasury Bills, inter-bank call money market, CPs and CDs. These funds are meantfor short-term cash management of corporate houses and are meant for an investment

horizon of 1day to 3 months. These schemes rank low on risk-return matrix and are

considered to be the safest amongst all categories of mutual funds.3. Balanced funds:

As the name suggest they, are a mix of both equity and debt funds. They invest in both equities

and fixed income securities, which are in line with pre-defined investment objective of the

scheme. These schemes aim to provide investors with the best of both the worlds. Equity partprovides growth and the debt part provides stability in returns.

Further the mutual funds can be broadly classified on the basis of investment parameter

viz,

Each category of funds is backed by an investment philosophy, which is pre-defined in the

objectives of the fund. The investor can align his own investment needs with the funds

objective and invest accordingly.

By investment objective:

Growth Schemes: Growth Schemes are also known as equity schemes. The aim of

these schemes is to provide capital appreciation over medium to long term. These

schemes normally invest a major part of their fund in equities and are willing to bearshort-term decline in value for possible future appreciation.

Income Schemes:Income Schemes are also known as debt schemes. The aim of these

schemes is to provide regular and steady income to investors. These schemes generally

invest in fixed income securities such as bonds and corporate debentures. Capitalappreciation in such schemes may be limited.

Balanced Schemes: Balanced Schemes aim to provide both growth and income by

periodically distributing a part of the income and capital gains they earn. Theseschemes invest in both shares and fixed income securities, in the proportion indicated

in their offer documents (normally 50:50).

Money Market Schemes: Money Market Schemes aim to provide easy liquidity,preservation of capital and moderate income. These schemes generally invest in safer,

short-term instruments, such as treasury bills, certificates of deposit, commercial paper

and inter-bank call money.

Other schemes

Tax Saving Schemes:

Tax-saving schemes offer tax rebates to the investors under tax laws prescribed from

time to time. Under Sec.88 of the Income Tax Act, contributions made to any Equity

Linked Savings Scheme (ELSS) are eligible for rebate. Index Schemes:

Index schemes attempt to replicate the performance of a particular index such as theBSE Sensex or the NSE 50. The portfolio of these schemes will consist of only those

stocks that constitute the index. The percentage of each stock to the total holding will be

identical to the stocks index weightage. And hence, the returns from such schemeswould be more or less equivalent to those of the Index.

Sector Specific Schemes:

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These are the funds/schemes which invest in the securities of only those sectors or

industries as specified in the offer documents. e.g. Pharmaceuticals, Software, Fast

Moving Consumer Goods (FMCG), Petroleum stocks, etc. The returns in these fundsare dependent on the performance of the respective sectors/industries. While these funds

may give higher returns, they are more risky compared to diversified funds. Investors

need to keep a watch on the performance of those sectors/industries and must exit at anappropriate time.

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Types of returns

There are three ways, where the total returns provided by mutual funds can be enjoyed by

investors:

Income is earned from dividends on stocks and interest on bonds. A fund pays out

nearly all income it receives over the year to fund owners in the form of a distribution.

If the fund sells securities that have increased in price, the fund has a capital gain. Most

funds also pass on these gains to investors in a distribution.

If fund holdings increase in price but are not sold by the fund manager, the fund'sshares increase in price. You can then sell your mutual fund shares for a profit. Fundswill also usually give you a choice either to receive a check for distributions or to

reinvest the earnings and get more shares.

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Pros & cons of investing in mutual funds:

For investments in mutual fund, one must keep in mind about the Pros and cons of investments

in mutual fund.

Advantages of Investing Mutual Funds:

1. Professional Management - The basic advantage of funds is that, they are professional

managed, by well qualified professional. Investors purchase funds because they do not havethe time or the expertise to manage their own portfolio. A mutual fund is considered to berelatively less expensive way to make and monitor their investments.

2. Diversification - Purchasing units in a mutual fund instead of buying individual stocks or

bonds, the investors risk is spread out and minimized up to certain extent. The idea behind

diversification is to invest in a large number of assets so that a loss in any particular investmentis minimized by gains in others.

3. Economies of Scale - Mutual fund buy and sell large amounts of securities at a time, thus

help to reducing transaction costs, and help to bring down the average cost of the unit for their

investors.

4. Liquidity - Just like an individual stock, mutual fund also allows investors to liquidate theirholdings as and when they want.

5. Simplicity - Investments in mutual fund is considered to be easy, compare to other availableinstruments in the market, and the minimum investment is small. Most AMC also have

automatic purchase plans whereby as little as Rs. 2000, where SIP start with just Rs.50 per

month basis.

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Disadvantages of Investing Mutual Funds:

1. Professional Management- Some funds doesnt perform in neither the market, as their

management is not dynamic enough to explore the available opportunity in the market, thus

many investors debate over whether or not the so-called professionals are any better than

mutual fund or investor him self, for picking up stocks.2. Costs The biggest source of AMC income, is generally from the entry & exit load which

they charge from an investors, at the time of purchase. The mutual fund industries are thuscharging extra cost under layers of jargon.

3. Dilution - Because funds have small holdings across different companies, high returns from

a few investments often don't make much difference on the overall return. Dilution is also the

result of a successful fund getting too big. When money pours into funds that have had strongsuccess, the manager often has trouble finding a good investment for all the new money.

4. Taxes - when making decisions about your money, fund managers don't consider your

personal tax situation. For example, when a fund manager sells a security, a capital-gain tax is

triggered, which affects how profitable the individual is from the sale. It might have been moreadvantageous for the individual to defer the capital gains liability.

Tax Saving ELSS Mutual Funds

by MANSHU on JANUARY 2, 2011

in MUTUAL FUNDS,TAXThis is yet another post from the Suggest a Topicpage, and in this post Im going to take a look at

the ELSS (Equity Linked Saving Schemes) mutual funds or tax saving mutual funds in a little bit

of detail.Let me start off by telling you that there are plans to phase out the tax breaks on ELSS mutual

funds with the introduction of the Direct Tax Code (DTC), so this avenue is going to be closed inthe coming years.

However, you can still invest in it this year and get tax breaks. These tax saving mutual funds arecovered under Section 80C, which means that you can invest a maximum of Rs. 1 lakh in them,

and reduce that amount from your taxable income.

There is a lock-in period of 3 years on such funds, which means that you cant sell these funds

within 3 years of your purchase date.

I saw an interesting question on Value Researchsome time ago where someone had written in toask what happens when they select the dividend re-investment option in the case of a ELSS fund.The dividend that is invested back in the scheme is considered fresh investment, so what happens

is that this money is further locked in for three years, and this can create an infinite loop. Im not

sure what will happen going forward with DTC coming in, but its best to play it safe, and go forthe Dividend or Growth option of the ELSS youre buying.

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Before we get down to the options available under ELSS funds, lets recap the points discussed so

far:

1. The tax benefit of ELSS will be phased out with the introduction of DTC.

2. The tax benefit is still available this year.

3. There is a lock in of 3 years, so you cant sell these tax saving mutual funds within 3 yearsof purchase.

4. If you use the dividend re-investment option then the amount re-invested will be treated asfresh investment, and will be locked in for 3 years from the time of re-investment.

ELSS Mutual Fund Options

I wrote a post on how to find tax saving mutual fundssome time ago, and I used that informationto get a list of all the ELSS mutual funds currently available in India, and then narrow down

options from there.

Then I looked at the funds that were around for 5 or more years, and took the 10 best performing

out of them.

After that I noted their expense ratio, as well as their inception date in the table below. Doing this

gave me a list that has some tax saving funds that have been around for a very long period, and

have done reasonably well over that period. The expenses are important because they eat up yourreturns, so I wanted to highlight them as well.

The limitation with this list is that it doesnt contain any mutual funds that have been around forless than 5 years even if they performed well. For example DSP Blackrock is a ELSS mutual

fund that has been around for about 4 years, has done well during that time, but is missing from

this list.

Name Inception

Date

5 year

returns

Expense

Ratio

Birla Sun Life

Tax Relief 96

March 1996 16.57% 1.96

Canara Robeco

Can Equity Tax

Saver

March 1993 22.31% 2.38

HDFC Tax SaverMarch 1996 17.80% 1.86

ICICI Prudential

Tax Plan

August 1999 15.48% 1.98

SBI Magnum

Tax Gain

March 1993 16.32% 1.78

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Scheme 93

Principal

Personal TaxSaver

March 1996 16.42% 2.19

Franklin India

Tax Shield

April 1999 17.34% 2.10

Sundaram Tax

Saver

Nov 1999 17.73% 1.96

Sahara Tax Gain March 1997 22.31% 2.50

Reliance Tax

Saver

August 2005 15.14% 1.88

All data from Value ResearchThis list is not sorted in any particular order, and thats deliberate because as soon as you sort

something your brain tends to think of it as best to worst from top to bottom, but thats not thecase.

For mutual funds the best mutual fund is the one that will give you the maximum return for your

holding period, but since thats in the future, there is no way to really predict which one will do

better than the rest.

In the absence of that I compiled a list of long standing performers, and have presented you with

that information, and if you think this criteria makes sense, then you can select one or two fundsfrom this list for your investment.

I will also recommend going to Value Research and doing some more research, and playing with

their tools because they do have a lot of good tools in there.

DE-MATE ACCOUNT

The term Demat, in India, refers to a dematerialised account for individual Indian citizens to

trade in listed stocks ordebentures, required forinvestorsby The Securities Exchange Board of

India (SEBI). In a demat account,shares and securities are held electronically instead of theinvestor taking physical possession of certificates. A Demat Account is opened by the investorwhile registering with an investment broker(or sub broker). The Demat account number is quoted

for all transactions to enable electronic settlements of trades to take place.

Access to the Demat account requires aninternetpasswordand a transaction password. Transfers

or purchases ofsecuritiescan then be initiated. Purchases and sales of securities on the Demataccount are automatically made once transactions are confirmed and completed.

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Advantages of Demat

A Demat account reduces brokerage charges (which are usually around 2.5%), makespledging/hypothecation of shares easier, enables quick ownership ofsecurities on settlement

resulting in increasedliquidity, avoids confusion in the ownership title of securities, and provideseasy receipts for public issue allotments orIPOs.

A Demat account also helps avoid problems typically associated with physical share certificates,

for example: delivery failures caused by signature mismatch, postal delays and loss of certificate

during transit. Further, it eliminates the risks associated with forgery and loss due todamagedstock certificates. Demat account holders also avoid stamp duty (as against 0.5 per cent

payable on physical shares) and filling up of transfer deeds. Demat account holders usually obtain

quicker receipts of benefits like stock splits and bonuses.

ONLINE TRADING

Online Trading

The act or practice ofbuyingand sellingsecuritiesover the Internet. Generally speaking, onlinetrading occurs when aninvestormakes an orderto abrokeronline; the broker then executesthe

order through the ordinary means. Online trading became more common in the 1990s as more

brokerages offered theirservices online, often for a smallfee rather than acommissionon thetrade.Online trading should be distinguished from electronic trading, which occurs on an exchange. See

also: Discount brokerage.

Online trading. If you trade online, you use a computer and an Internet connection to place your

buy and sell orders with an online brokerage firm.

While the orders you give online are executed immediately while the markets are open, you alsohave the option of placing orders at your convenience, outside normal trading hours.

OFF LINE TRADING

Offline trading is the traditional way of transacting the sharesthrough a broker probably by means

of phone. Online trading is a revolutionary change introduced in 21st century which lead to ahuge improvement in the trading volume. This is one of the reasons why the turnovers ofstock

exchangesincreased phenomenally.National Stock Exchangeis the first exchange in India to

introduce online trading. There are innumerable advantages in online trading when comparedwith offline trading but still some traders still prefer trading offline due to security reasons.

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Advantage of online trading to offline trading:

Time Only a trader knows how important time factor is, at the time of trading. Online

trading makes it quite easy to place order in a few clicks saving lot of time. Money It also avoids all miscellaneous costs as in case of offline trading, broking firms

charge extra for the service they provide.

Minimizing losses Trader can square off his positions immediately when markets turnagainst his positions which is never possible in traditional type of trading

Buying & Selling One of the most advantages a trader could experience is trigger trading

where he/she need not wait till the required price comes. In case of buying or selling (includingstop loss trade), the trader is just a click away to place his order and leave the terminal. So,

there is no need to buy at current price or wait till the price arrives.

Apart for the above advantages, there are also many advantages in online trading comforting the

trader and helps in gaining maximum profits.

trading account

1. An account with a brokerthat enables an individual or otherpartytobuyand sellsecurities.2. The part of an income statement that shows how thegross profitwas generated through

trading activities.

Trading Account

What Does Trading AccountMean?

1. An account similar to a traditional bank account, holding cash and securities, and isadministered by an investment dealer.

2. An account held at a financial institution and administered by an investment dealer that the

account holder uses to employ a trading strategy rather than a buy-and-hold investment strategy.

Investopedia explains Trading Account

1. Though trading accounts are traditionally thought to hold only stocks, a trading account can hold

cash, foreign cash, securities and a number of other types of investments.

2. Investors who use a number of trading strategies or have a number of brokerage accounts may

separate their accounts in order to avoid confusion. One account may be a registered account fortheir retirement savings; another account may be a buy-and-hold account for their long-

term stocks; another may be a margin account; and another may be a trading account used

for conducting day-trading activities.

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FIXED DEPOSITS

'Fixed deposits are a kind of high-interest-yielding deposit offered by banks in India, where bankaccounts can be broadly categorised into 2 types :

1. Demand deposits, which are repayable by the bank to the customer on demand-

They offer high liquidity but correspondingly low or no interest. Includes the SavingsAccounts and Current Accounts.

1. Term deposits, which are repayable after expiry of the term, that is, on maturity. In

return for the low liquidity (ease of withdrawing money), they offer higher rates of interest

than the demand deposits.

The most popular form of Term deposits are Fixed Deposits. Other forms are RecurringDepositandFlexi Fixed Deposits(the latter is actually a combination of Demand deposit and

Fixed deposit).

As mentioned previously, to compensate for the low liquidity, FDs offer higher rates of interestthan saving accounts. The longest permissible term for FDs is 10 years. Generally, the longer the

term of deposit, higher is the rate of interest but a bank may offer lower rate of interest for a longer

period if it expects interest rates, at which RBI lends to banks ("repo rates"), to dip in the future.

Ordinarily, interest on FDs is paid every three months from the date of the deposit. (e.g. if FD a/cwas opened on 15th Feb., first interest instalment would be paid on 15 May). The interest is

credited to the customers' Savings bank account or sent to them by cheque. This is aSimple FD.

Instead, the customer can choose to have the interest reinvested in the FD account. In this case, the

deposit is called the Cumulative FD or compound interest FD. For such deposits, the interest ispaid with the invested amount on maturity of the deposit at the end of the term.

While banks can refuse to repay FDs before the expiry of the deposit, banks do not generally

refuse premature withdrawal. In such cases, interest will be paid at the rate applicable to the term

for which the deposit has remained with the bank. For example, a deposit is made for 5 years at8 %, but is withdrawn after 2 years. If the rate applicable on the date of deposit for 2 years is 5 per

cent, the interest will be paid at 5 per cent. Banks can levy a penalty for premature withdrawal.

Customers can avail loans against FDs up to 80 to 90 per cent of the value of deposits. The rate of

interest on the loan could be 1 to 2 per cent over the rate offered on the deposit.

In case the customer defaults in repaying the loan, the bank can adjust his FD against the loan.

Types of FDs

The minimum amount you would require to open a fixed deposit account is USD 600. You canchoose from two types of FD accounts:

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* SPECIAL TERM DEPOSITS: The earned interest is added to the principal and compounded

quarterly. This amount is accrued and repaid along with the principal amount on maturity of the

deposit.

* ORDINARY TERM DEPOSITS: The earned interest is credited to the investors account,held with the bank or in a bank account of his choice, once a quarter. In specific cases, interest may

be credited on a monthly basis. However, this is at the sole discretion of the bank in which thedeposit is made.

The interest rateon these fixed deposits is very high and is compounded on a quarterly basis. Also,the earned interest amount is exempt from income tax. It is possible for you to get loans against

fixed deposits as well. However, these loans are provided subject to restrictions on the use of the

deposited funds. The interest rate applicable to loans against FDs ranges between 5% and 7%.

Special FDs

If you hold a Non Resident (Special) Rupee (NRSR) account, you can make an FD for any period

ranging from 15 days to 10 years. However, the interest rates applicable to the deposits will be thesame as those offered to resident investors. Further, the principal amount and the interest earned on

the deposit will be non-repatriable and the interest earned will be subject to tax deducted at sourceby the banks.

GENERAL INSURANCE

General insurance or non-life insurance policies, including automobile and homeowners policies,provide payments depending on the loss from a particular financial event. General insurance

typically comprises any insurance that is not determined to be life insurance. It is

called propertyandcasualtyinsurance in the U.S. and Non-Life Insurance in ContinentalEurope.

In the UK, General insurance is broadly divided into three areas:personal lines, commerciallinesand London market.

The London market insures large commercial risks such as supermarkets, football players and

other very specific risks. It consists of a number of insurers, reinsurers, [P&I Clubs], brokers andother companies that are typically physically located in the City of London. TheLloyd's of

London is a big participant in this market.[1]The London Market also participates in personal lines

and commercial lines, domestic and foreign, through reinsurance.

Commercial linesproducts are usually designed for relatively small legal entities. These wouldinclude workers' comp (employers liability), public liability, product liability, commercial fleet and

other general insurance products sold in a relatively standard fashion to many organisations. There

are many companies that supply comprehensive commercial insurance packages for a wide rangeof different industries, including shops, restaurants and hotels.

Personal lines products are designed to be sold in large quantities. This would

includeautos (private car), homeowners (household), pet insurance, creditor insurance and others.

ACORD [2]which is the insurance industry global standards organisation. ACORD has standards

for personal and commercial lines and has been working with the Australian General Insurers todevelop those XML standards, standard applications for insurance, and certificates of currency.

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LIFE INSURANCE

Life insurance is a contract between thepolicy holderand the insurer, where the insurer

promises to pay a designatedbeneficiarya sum of money (the "benefits") upon the death of the

insured person. Depending on the contract, other events such asterminal illness orcriticalillness may also trigger payment. In return, the policy holder agrees to pay a stipulated amount (the

"premium") at regular intervals or in lump sums. In some countries, death expenses such asfunerals are included in the premium; however, in the United States the predominant form simply

specifies a lump sum to be paid on the insured's demise.

The value for the policy owner is the 'peace of mind' in knowing that the death of the insured

person will not result in financial hardship.

Life policies are legal contracts and the terms of the contract describe the limitations of the insuredevents. Specific exclusions are often written into the contract to limit the liability of the insurer;

common examples are claims relating to suicide, fraud, war, riot and civil commotion.

Life-based contracts tend to fall into two major categories:

Protectionpolicies designed to provide a benefit in the event of specified event, typically

a lump sum payment. A common form of this design is term insurance.

Investmentpolicies where the main objective is to facilitate the growth of capital by

regular or single premiums. Common forms (in the US) arewhole life, universallife andvariable life policies.

HEALTH INSURANCE

Health insurance is insurance against the risk of incurring medical expenses among individuals.

By estimating the overall risk ofhealth careexpenses among a targeted group, an insurer candevelop a routine finance structure, such as a monthly premium or payroll tax, to ensure that

money is available to pay for the health care benefits specified in the insurance agreement. The

benefit is administered by a central organization such as a government agency, private business, or

not-for-profit entity

PROJECT PORTFOLIO MANAGEMENT

Project Portfolio Management (PPM) is a term used by project managers andprojectmanagement(PM) organizations, (orPMOs), to describe methods for analyzing and collectively

managing a group of current or proposed projects based on numerous key characteristics. Thefundamental objective of PPM is to determine the optimal mix and sequencing of proposed

projects to best achieve the organization's overall goals - typically expressed in terms of hard

economic measures, business strategy goals, or technical strategy goals - while honoring

constraints imposed by management or external real-world factors. Typical attributes of projectsbeing analyzed in a PPM process include each project's total expected cost, consumption of scarce

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resources (human or otherwise) expected timeline and schedule of investment, expected nature,

magnitude and timing of benefits to be realized, and relationship or inter-dependencies with other

projects in the portfolio.[vague]

Some commercial vendors of PPM software emphasize their products' ability to treat projects as

part of an overall investment portfolio. PPM advocates see it as a shift away from one-off, ad hoc

approaches to project investment decision making. MostPPM tools and methods attempt toestablish a set of values, techniques and technologies that enable visibility, standardization,measurement and process improvement. PPM tools attempt to enable organizations to manage the

continuous flow of projects from concept to completion.

Treating a set of projects as a portfolio would be, in most cases, an improvement on the ad hoc,

one-off analysis of individual project proposals. The relationship between PPM techniques andexisting investment analysis methods is a matter of debate. While many are represented as

"rigorous" and "quantitative", few PPM tools attempt to incorporate established financial portfolio

optimization methods likemodern portfolio theoryorApplied Information Economics, which havebeen applied to project portfolios, including even non-financial issues.[1][2][3][4]

WEALTH MANAGEMENT

There is no generally accepted standard definition ofwealth management both in terms of the

products and services provided and the constitution of the client base served but a basicdefinition would be financial services provided to wealthy clients, mainly individuals and their

families.[1]

Private banking should not be confused with aprivate bank, which is simply a non-incorporated

banking institution.

Private banking, also called private wealth management, concerns the high-quality provision of

a range of financial and related services to wealthy clients, principally individuals and their

families. Typically the services on offer combine retail bankingproducts such as payment andaccount facilities plus a wide range of up-market investment related services. [2]

Market segmentation and the offering of high quality service provision forms the essence of

private banking and key components include:[2]

tailoring services to individual client requirements

anticipation of client needs

a long-term relationship orientation

personal contact

discretion investment performance.

IPO

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An initial public offering (IPO), is the first sale of stock by a formerlyprivate company. It can be

used by either small or large companies to raise expansion capital and become publicly traded

enterprises. Many companies that undertake an IPO also request the assistance of an InvestmentBanking firm acting in the capacity of an underwriter to help them correctly assess the value of

their shares, that is, the share price (IPO Initial Public Offerings, 2011).

NEW FUND OFFER IN MUTUAL FUND

New Fund Offer - NFO

What DoesNew Fund Offer - NFO Mean?

A security offering in which investors may purchase units of a closed-end mutual fund. A new

fund offer occurs when a mutual fund is launched, allowing the firm to raise capital for purchasing

securities.

Investopedia explainsNew Fund Offer - NFO

A new fund offer is similar to an initial public offering. Both represent attempts to raise capital to

further operations. New fund offers are often accompanied by aggressive marketing campaigns,

created to entice investors to purchase units in the fund. However, unlike an initial public offering(IPO), the price paid for shares or units is often close to a fair value. This is because the net asset

value of the mutual fund typically prevails. Because the future is less certain for companies

engaging in an IPO, investors have a better chance to purchase undervalued shares.

Company Profile

Our Mission

The single focus of our organization is to be the most useful, reliable and efficient provider of

Financial services.It is our continuous endeavor to be a trustworthy advisor to our clients, helping

them achieve their Financial goals.

We are SEBI approved merchant bankers, investment advisors and financial planners. We have atrack record of ethical dealings for the last 42 years and have had the honour of helping millions of

investors achieve their life's financial goals.

Your one stop Financial Supermarket

We offer you a comprehensive range of financial products and services, which will help you achieve

your life's financial goals all under one roof

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Our Mission

Your one stop Financial Supermarket

Our range of Products and ServicesFinancial Planning Services

Our Team

Investment Advisory Products Offered by Bajaj CapitalFinancial Planning Services Offered by Bajaj Capital

Future Goal Funding

Bajaj Capital's Value Added Services

Bajaj Capital's In-house Publications for Investors8 Reasons for you to invest only through Bajaj Capital

How to achieve 'Lifetime of Investment success'?

.

Our range of Products and Services

Investment Advisory Products Company fixed deposits

Bonds

Mutual funds

Life insurance

General insurance

Pension schemes

Post office schemes

Tax saving schemes

Insurance linked investment schemes

Initial public offerings

Housing loans NRI schemes

Car insurance

Financial Planning Services

Investment planning

Retirement planning

Insurance planning

Children's future planning

Tax planning

Short-term cash flow planning

Our Team

We have a well-trained professional team comprising of MBAs, CAs, CSs, Financial Analysts,

Financial Planners, Investment Experts, Insurance Experts, and Law Graduates.

Investment Advisory Products Offered by Bajaj Capital

Company Fixed Deposits

Company Fixed Deposits offer better returns than Bank Deposits with minimum lock-in

periods.

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Documents

Financial Brokerage Aspects