UNIT-II

PRIMARY MARKET

Primary Market also known as NEW ISSUES MARKET (NIM) is a market for raising fresh capital in the form of shares and debentures. Corporate enterprises, which are desirous of raising capital funds through the issue of securities , approach the primary market.Issuers exchange financial securities for long term funds. The primary market allows for the formation of capital in the country and the accelerated industrial and economic development.

It refers to the set-up which helps the industry to raise the funds by issuing different types of securities.

PRIMARY MARKET

Modes of raising capital Public issue- Where the securities are issued to the members of the general public, it

takes the form of “Public Issue”. It is the most popular method of raising long term funds.When a company makes public issue of shares for the first time, it is called Initial public Offer.The company has to appoint underwriters in order to guarantee the minimum subscription.An underwriter is generally an investment banking company.The underwriter agrees to pay the certain price and buy a minimum number of shares, if they are not subscribed by the public.

E-IPO- The companies are now allowed to issue capital to the public through the on-line system of the stock exchanges. For making such on-line issues, the companies should comply with the provisions contained in Chapter 11A of SEBI( Disclosure and Investor Protection) Guidelines, 2000.

  BOOK BUILDING/PRICE BANDIt is a process used for marketing a public offer of equity shares of a company. Book building is a process wherein the issue price of a security is determined by the

demand and supply forces in the capital marketThe Price at which securities will be allotted is not known in advance to the investor. Only

an indicative price range is known. (Also called price band and it should not be more than 20% of the floor price).

  Rights Issue- Where the issue of equity shares of a body corporate is made to the

existing shareholders as a pre-emptive right, it takes the form of “right issue”. Under this method, additional securities are offered for subscription to the existing shareholders.

Private Placement- Where the shares of a body corporate are sold to a group of small investors, it takes the form of “private placement”.

Public Issues An unlisted company has to satisfy the following criteria to be eligible to make a public issue Pre-issue networth of the co. should not be less than Rs.1 crore in last 3 out of last 5 years with minimum

networth to be met during immediately preceding 2 years Track record of distributable profits for at least three (3) out of immediately preceding five (5) years The issue size (i.e. offer through offer document + firm allotment + promoters’ contribution through the

offer document) shall not exceed five (5) times its pre-issue networth. In case an unlisted company does not satisfy any of the above criterions, it can come out with a public issue

only through the Book-Building process. In the Book Building process the company has to compulsorily allot at least sixty percent (50%) of the issue size to the Qualified Institutional Buyers (QIB’s), failing which the full subscription monies shall be refunded.

 

Initial Public Offer   In case of an Initial Public Offer (IPO) i.e. public issue by unlisted company, the promoters have to

necessarily offer at least 20% of the post issue capital. In case of public issues by listed companies, the promoters shall participate either to the extent of 20% of

the proposed issue or ensure post-issue share holding to the extent of 20% of the post-issue capital. In case of any issue of capital to the public the minimum contribution of promoters shall be locked in for a

period of 3 years, both for an IPO and Public Issue by listed companies. In case of an IPO, if the promoters’ contribution in the proposed issue exceeds the required minimum

contribution, such excess contribution shall also be locked in for a period of one year. In case of a public issue by a listed company, participation by promoters in the proposed public issue in

excess of the required minimum percentage shall also be locked-in for a period of one year as per the lock-in provisions as specified in Guidelines on Preferential issue.

paid up share capital prior to IPO and shares issued on a firm allotment basis along with issue shall be locked-in for a period of one year from the date of allotment in public issue.

In case of over-subscription in a fixed price issue the allotment is done in marketable lots, on a proportionate basis

In case of a book building issue, allotment to Qualified Institutional Buyers and Non-Institutional buyers are done on a discretionary basis. Allotment to retail investors is done on a proportionate basis

all steps for completion of the necessary formalities for listing and commencement of trading at all stock exchanges where the securities are to be listed are taken within 7 working days of finalization of basis of allotment.

Features of Primary Market This is the market for new long term equity capital. The primary market is the market where the securities are sold for

the first time. In a primary issue, the securities are issued by the company

directly to investors. The company receives the money and issues new security

certificates to the investors. Primary issues are used by companies for the purpose of setting up

new business or for expanding or modernizing the existing business.

The new issue market does not include certain other sources of new long term external finance

Borrowers in the new issue market may be raising capital for converting private capital into public capital; this is known as "going public."

The need for primary market

To raise funds for certain purpose.To create market for new issues of securities.To establish the magnitude of the market.To mobilize Resource the economy.For overall development of companies.

Benefits of Primary Market

Household SavingsGlobal InvestmentsSale of Government SecuritiesPrimary Market ParticipantsMarker Risk

FUNCTIONS Origination- In primary market, origination means to investigate, evaluate and procedure

new project proposals. It initiates before an issue is present in the market. It is done with the help of merchant bankers.The merchant bankers can be banks,financial institutions,private investment firms, etc.In primary market, the preliminary investigation involves a detailed study of economic, financial, legal, technical aspects to ensure the soundness of the project. The second function is performed by sponsoring institutions. They provide advisory service.

Advisory service includes: Types of issue, Pricing, Methods of issue, etc.  Underwriting- In primary market, to ensure success of new issue, there is a need for

underwriting firms. The company needs to appoint underwriters. They can be banks or financial institutions or specialized underwriting firms.In primary market, underwriting can be done by a single underwriter or by a group of underwriters. Minimum subscription is guaranteed by underwriters. If the issue is completely subscribed, no liability would be left for the underwriters. If by chance any part of the issue remains unsold, afterwards the underwriter has no option, rather than buying all the unsubscribed shares.

  Distribution- In primary market, the success of any grand new issue is hinges on the issue is

being subscribed by the people. The sale of the securities to the supreme or highest investors is termed as distribution.Distribution Job is given to brokers and dealers. The brokers or agents maintain direct contact with the supreme investors.

Primary market intermediaries Merchant bankers Merchant bankers play an important role in issue

management process. Lead managers (category I merchant bankers) have to ensure correctness of the information furnished in the offer document. They have to ensure compliance with SEBI rules and regulations as also Guidelines for Disclosures and Investor Protection. To this effect, they are required to submit to SEBI a due diligence certificate confirming that the disclosures made in the draft prospectus or letter of offer are true, fair and adequate to enable the prospective investors to make a well informed investment decision. The role of merchant bankers in performing their due diligence functions has become even more important with the strengthening of disclosure requirements and with SEBI giving up the vetting of prospectuses. SEBI's various operational guidelines issued during the year to merchant bankers primarily addressed the need to enhance the standard of disclosures.

Underwriters Underwriters are required to register with SEBI in terms of the SEBI (Underwriters) Rules and Regulations, 1993. In addition to underwriters registered with SEBI in terms of these regulations, all registered merchant bankers in categories I, II and III and stockbrokers and mutual funds registered with SEBI can function as underwriters. Part III gives further details of registration of underwriters. In 1996-97, the SEBI (Underwriters) Regulations, 1993 were amended mainly pertaining to some procedural matters.

Bankers to an Issue Scheduled banks acting as bankers to an issue are required to be registered with SEBI in terms of the SEBI (Bankers to the Issue) Rules and Regulations, 1994. These regulations lay down eligibility criteria for bankers to an issue and require registrants to meet periodic reporting requirements. Part III gives further details of registration of bankers to an issue.

Portfolio managers Portfolio managers are required to register with SEBI in terms of the SEBI (Portfolio Managers) Rules and Regulations, 1993. The registered portfolio managers exclusively carry on portfolio management activities. In addition all merchant bankers in categories I and II can act as portfolio managers with prior permission from SEBI. Part III gives further details of the registration of portfolio managers.

Debenture trustees Debenture trustees are registered with SEBI in terms of the SEBI (Debenture Trustees) Rules and Regulations, 1993. Since 1995-96, SEBI has been monitoring the working of debenture trustees by calling for details regarding compliance by issuers of the terms of the debenture trust deed, creation of security, payment of interest, redemption of debentures and redressal of complaints of debenture holders regarding non-receipt of interest/redemption proceeds on due dates. Part III gives further details of the registration of debenture trustees.

Registrars to an Issue and Share Transfer Agents Registrars to an issue (RTI) and share transfer agents (STA) are registered with SEBI in terms of the SEBI (Registrar to the Issue and Share Transfer Agent) Rules and Regulations, 1993. Under these regulations, registration commenced in 1993-94 and is granted under two categories: category I - to act as both registrar to the issue and share transfer agent and category II - to act as either registrar to an issue or share transfer agent. With the setting up of the depository and the expansion of the network of depositories, the traditional work of registrars is likely to undergo a change.

The Secondary Market

A market, which deals in securities that have been already issued by companies , is known as “the secondary market”. It is also called the stock exchange or the share market. The secondary market is that market in which the buying and selling of the previously issued securities is done. The transactions of the secondary market are generally done through the medium of stock exchange.

The chief purpose of the secondary market is to create liquidity in securities.

 What are the products dealt in Secondary Markets ? Equity shares. Debentures. Government securities. Bonds. Commercial Papers. SEBI Risk Management System

Difference between primary market and secondary market

Primary market Secondary market

In primary markets, securities are bought by way of public issue directly from the company. 

In Secondary market share are traded between two investors. 

New issue are available in primary market.  Securities usually bought and sold through the secondary market.

The primary is a middlemen. The secondary market are broker and dealer.

New issue of common stock;bonds and preferred stock are sold by companies. 

The secondary market stock and bonds issues are sold to the public.

REFORMS IN THE SECONDARY MARKET Guidelines with reference to substantial takeovers and acquisitions - disclosures Guidelines with regards to mandatory public offer to the investors Several mutual funds were allowed UTI brought under the sebi Advertising code was initiated as well as the requirements of pre-vetting of advertisement removed To improve the role of the Mutual fund as well as to develop the market of mutual fund in India,

mutual funds were given - right to underwrite the public issues and to make investments in the money market

Jumbo transfer was introduced for the institutions Carry forward system of transactions are permitted to SEs after getting the consent and

surveillance Carry forward transactions are limited in the case of lenders of the transactions Carry forward transactions should be disclosed on the basis of scrip and broker at the beginning of

carry forward session Capital adequacy norms were introduced Depositories were introduced during the year 1995 Sept.; to record the ownership in the book form The introduction of depository requires the changes in the following enactments

Companies ActStamp Duty ActIncome Tax Act

Secondary Market Intermediaries

Stock brokers All stock brokers dealing in securities are registered with SEBI in terms of SEBI (Stock Brokers and Sub Brokers) Regulation 1992. During 1996-97, 391 additional brokers were registered with SEBI making the total registered membership to 8,867 as on March 31, 1997.

Sub brokers In many cases, individual investors transact in securities through sub brokers. It is therefore absolutely imperative to regulate this class of intermediary. As on March 31, 1997 only 1,798 sub brokers were registered with SEBI. The main reason for the limited success in registering large number of sub brokers is that brokers are reluctant to take responsibility of the acts of the sub-brokers. Measures initiated by SEBI for bringing sub-brokers more fully under the ambit of regulatory oversight have been described earlier in this Report.

SECONDARY MARKET SCENARIOCapital Market Reforms: 1996-97 Depositories Act 1996 - promulgated in order to reduce the problems

associated with the handling of securities Guidelines for the custodian of securities were clearly drafted Custodian of securities- compliance officer should be appointed - to bridge

the gap in between Changes are expected to discuss during the monthly meetings of

Association of Custodian of security services Bad delivery cell was set up and code was specified System of clearing house or clearance corporation to be set up in the stock

exchange Separate committee has been set up for surveillance - inter stock exchange

transactions Mumbai and other stock exchanges were allowed to install terminals -

where no exchange exists - to have on line trading Norms of the OTCEI were eased to promote more transactions Capital Market Reforms: 1997-98 Daily carry forward margin reduced to 10% from 15% Over all carry forward increased to Rs.20 crs per broker

Capital Market Reforms: 1998-2001 Buy back of securities were permitted Circuit breaker system was introduced to control volatility Dematerialized trading was installised Rolling settlement introduced Internet trading was introduced Guidelines were issued in the angle of maintaining the

transparency Clause 49 - to maintain corporate governance introduced Stock watch system was introduced Steps introduced to reduce the transaction costs Trading of stock index and futures - BSE and NSE commenced For trading of debt securities - to promote debt market - steps

taken Capital Market Reforms: 2005-2007 Golden pegged return funds permitted IPO norms are tightened Grading of IPOs are suggested

TRADING, CLEARING AND SETTLEMENT:

Activities in the Secondary Market 1. Trading of securities 2. Risk management 3. Clearing and settlement of trades 4. Delivery of securities and funds

Trading

Process of TradingStep 1.     Investor / trader decides to tradeStep 2.     Places order with a broker to buy / sell the required

quantity of respective securitiesStep 3.     Best priced order matches based on price-time priorityStep 4.     Order execution is electronically communicated to the

broker’s terminal Step 5.     Trade confirmation slip issued to the investor / trader

by the broker  Step 6.     Within 24 hours of trade execution, contract note is

issued to the investor / trader by the brokerStep 7.      Pay-in of funds and securities before T+2 dayStep 8.     Pay-out of funds and securities on T+2 day          

Settlement

SEBI has since introduced T+2 rolling settlements from April 1, 2003. T+2 settlement cycle means that the final settlement of transactions done on T, i.e., trade day by exchange of monies and securities between the buyers and sellers respectively occurs on second business day after the trade day excluding Saturdays, Sundays, bank holidays and exchange holidays.

DAY ACTIVITY T Trading and daily downloading of statements showing details of transactions and margins at the end of each trading day. 6A/7A* entry by the member-brokers/ confirmation by the custodians. T+1 Confirmation of 6A/7A data by the custodians up to a specified deadline time. Downloading of securities and funds obligation statements by members. T+2 Pay-in of funds and securities and pay-out of funds and securities by pre specified deadline times. The members are required to submit the pay-in instructions for funds and

securities to banks and depositories respectively. T+3 Auction for shortages in delivery of securities. T+4 Auction pay-in and pay-out of funds and securities.  

6A/7A:   A mechanism whereby the obligation of settling the transactions done by a  member-broker on behalf of a client is passed on to a custodian based on his confirmation. The custodian can confirm the trades done by the members on-line.  Trading on the on-line screen based system (BSE’s On-Line Trading system, BOLT for BSE and National Exchange for Automated Trading, NEAT for NSE) is conducted from Monday to Friday between 9:55 a.m. and 3:30 p.m. The scrips traded on The Stock Exchange, Mumbai are classified into ‘A’, ‘B1’, ‘B2’, 'C', ‘F’, 'G' and 'Z' groups.  A, B1, B2 and C groups represent the equity market segment.  ‘F’ group represents the debt market (fixed income securities) segment.  BSE has commenced trading in Govt. Securities for retail investors under “G” group w.e.f. January 16, 2003.  'Z’ group covers the companies, which have failed to comply with listing requirements and/or failed to resolve investor complaints or have not made the required arrangements for dematerialization of their securities with both the depositories.Problems with physical mode of settlement• Fake shares  • Stolen shares  • Fake signatures or signature mismatches  • Mutilation of shares  • Other problems in transfer of ownership  

Clearing: the process of transmitting, reconciling and, in some cases, confirming payment orders or security transfer instructions prior to settlement, possibly including the netting of instructions and the establishment of final positions for settlement.

Settlement: the completion of a transaction, wherein the seller transfers securities or financial instruments to the buyer and the buyer transfers money to the seller.

Central Securities Depository (CSD) : a facility (or an institution) for holding securities, which enables securities transactions to be processed by book entry. Physical securities may be immobilized by the depository or securities may be dematerialized (ie so that they exist only as electronic records). In addition to safekeeping, a central securities depository may incorporate comparison, clearing and settlement functions.

Listing of Securities

Listing means the admission of securities of a company to trading on a stock exchange. Listing is not compulsory under the Companies Act. It becomes necessary when a public limited company desires to issue shares or debentures to the public. When securities are listed in a stock exchange, the company has to comply with the requirements of the exchange.

Objectives of Listing

1. To provide ready marketability and liquidity of a company’s securities.

2. To provide free negotiability to stocks.3. To protect shareholders and investors

interests.4. To provide a mechanism for effective

control and supervision of trading.

Listing requirements

A company which desires to list its shares in a stock exchange has to comply with the following requirements:

1. Permission for listing should have been provided for in the Memorandum of Associationand Articles of Association.

2. The company should have issued for public subscription at least the minimum prescribed percentage of its share capital (49 percent).

3. The prospectus should contain necessary information with regard to the opening of subscription list, receipt of share application etc.

4. Allotment of shares should be done in a fair and reasonable manner. In case of over subscription, the basis of allotment should be decided by the company in consultation with the recognized stock exchange where the shares are proposed to be listed.

5. The company must enter into a listing agreement with the stock exchange. The listing agreement contains the terms and conditions of listing. It also contains the disclosures that have to be made by the company on a continuous basis.

Listing Procedure

The following are the steps to be followed in listing of a company’s securities in a stock exchange:

1. The promoters should first decide on the stock exchange or exchanges where they want the shares to be listed.

2. They should contact the authorities to the respective stock exchange/ exchanges where they propose to list.

3. They should discuss with the stock exchange authorities the requirements and eligibility for listing.

4. The proposed Memorandum of Association, Articles of Association and Prospectus should be submitted for necessary examination to the stock exchange authorities

5. The company then finalizes the Memorandum, Articles and Prospectus6. Securities are issued and allotted.7. The company enters into a listing agreement by paying the prescribed

fees and submitting the necessary documents and particulars.8. Shares are then and are available for trading.

STOCK MARKET INDEX

STOCK EXCHANGEA stock exchange can be defined as a centralized

market for buying and selling stocks where the price is determined through supply-demand mechanism.

According to the Securities Contracts(Regulation)Act ,1956,which is the main law governing stock exchanges in India, “stock exchange means any body of individuals, whether incorporated or not, constituted for the purpose of assisting, regulating, or controlling the business of buying, selling or dealing in securities.

A stock market index is a method of measuring a section of the stock market. Many indices are cited by news or financial services firms and are used as benchmarks, to measure the performance of portfolios such as mutual funds.

Alternatively, an index may also be considered as an instrument (after all it can be traded) which derives its value from other instruments or indices. The index may be weighted to reflect the market capitalization of its components, or may be a simple index which merely represents the net change in the prices of the underlying instruments. Most publicly quoted stock market indices are weighted.

In the Stock Market, companies sell shares to the public. That means that the companies are actually selling power of the company to the public.

Stock market indices are the barometer of the stock market.BSE SENSEX,NSE-50 etc are some of the market indices. Their Usefulness: Indices help to recognize broad trends in the market. The investor can use the indices to allocate the funds rationally

among the stocks. Technical analysts use these indices to predict the future market. Indices function as a status report on the general economy.

CRITERIA FOR SELECTING STOCKS TO CALCULATE INDEXListing history: The company should have listing

history on BSE for at least one yearTrack record: The company should have listing historyMarket capitalization: Company should have one

among 100 market capitalizations of BSE,And each company should have more than0.5% of total market capitalization of BSE INDEX

Frequency of trading: Company stocks should be traded on each and every trading day for the last one year

Industrial representation: Company Should be a leader in the industry it represents

STOCK INDEX CALCULATION

STOCK INDICES IN INDIA Bombay Stock Exchange(BSE) – Sensex National Stock Exchange of India(NSE) – Nifty MCX Stock Exchange [MCX - SX]

BOMBAY STOCK EXCHANGE (BSE) Bombay Stock Exchange is the oldest stock exchange in Asia. BSE is the first stock exchange in the country. Over the past 133 years, BSE has facilitated the growth of the Indian

corporate sector by providing it with cost and time efficient access to resources.

NATIONAL STOCK EXCHANGE (NSE) The National Stock Exchange of India (NSE) situated in Mumbai. The NSE is owned by the group of leading financial institutions such as

Indian Bank or Life Insurance Corporation of India.MCX Stock Exchange  It commenced operations in the Currency Derivatives (CD) segment on

October 7. The Exchange is recognized by SEBI under Section 4 of Securities

Contracts (Regulation) Act, 1956. At the end of June 2012, MCX-SX had 750 members and saw participation

from 707 towns and cities across India.

Measurement to boost liquidity in Secondary Market

A number of measures were taken by SEBI to increase liquidity in the stock market. The stock market was opened to foreign institutional investors (FII) for investment. The depository system, stock lending system, buy back of shares, market making system, margin trading of shares, and rolling settlement were introduced to increase liquidity in the stock market.

Investment by Foreign Institutional Investors in the Indian Stock Market:

FIIs commenced their operations in the Indian stock markets with a token investment of Rs 0.6 crore in January 1993. They have become active investors since August 1993.FIIs such as mutual funds, pension funds, country funds, and so on are operating in the Indian capital market.

To facilitate the operations of the FIIs, SEBI granted permission to foreign brokers to extend assistance to all registered FIIs. The government now allows foreign financial service institutions to set up joint ventures in stock broking asset management, merchant banking and other financial services along with Indian partners. Foreign participation in financial services requires the approval of the Foreign Investment Promotion Board (FIPB). Moreover, SEBI allowed domestic companies to privately place their issues with FIIs, subject to certain formalities.

SECURITIES AND EXCHANGE BOARD OF INDIA (FOREIGN INSTITUTIONAL

INVESTORS) REGULATIONS, 1995 Why do we need a regulatory body for Investor protection in India? India is an ` informationally ' weak market Boosting capital market demands restoring the confidence of lay

investors who have been beaten down by repeated scams Progressively softening interest rates and an under performing

economy have eroded investment options, and require enhanced investing skills.

Mission of SEBI  Securities & Exchange Board of India (SEBI) formed under the

SEBI Act, 1992 with the prime objective of Protecting the interests of investors in securities, Promoting the development of, and Regulating, the securities market and for matters connected therewith or

incidental thereto.’Focus being the greater investor protection, SEBI has become a

vigilant watchdog

FUNCTIONS OF SEBI Section 11 of the Securities and Exchange Board of India Act. Regulation Of Business In The Stock ExchangesA) review of the market operations, organizational structure and

administrative control of the exchange All stock exchanges are required to be Body Corporates The exchange provides a fair, equitable and growing market to investors. The exchange’s organisation, systems and practices are in accordance with the

Securities Contracts (Regulation) Act (SC(R) Act), 1956 B) Registration And Regulation Of The Working Of Intermediaries

Portfolio ManagersSub- BrokersUnderwritersStock brokersMerchant Bankers

Secondary MarketPrimary Market

C) Registration And Regulation Of Mutual Funds, Venture Capital Funds & Collective Investment Schemes AMFI-Self Regulatory Organization-'promoting and protecting the interest of mutual funds and

their unit-holders, increasing public awareness of mutual funds, and serving the investors' interest by defining and maintaining high ethical and professional standards in the mutual funds industry'.

Every mutual fund must be registered with SEBI and registration is granted only where SEBI is satisfied with the background of the fund.

SEBI has the authority to inspect the books of accounts, records and documents of a mutual fund, its trustees, AMC and custodian where it deems it necessary

SEBI (Mutual Funds) Regulations, 1996 lays down the provisions for the appointment of the trustees and their obligations

Every new scheme launched by a mutual fund needs to be filed with SEBI and SEBI reviews the document in regard to the disclosures contained in such documents.

Regulations have been laid down regarding listing of funds, refund procedures, transfer procedures, disclosures, guaranteeing returns etc

SEBI has also laid down advertisement code to be followed by a mutual fund in making any publicity regarding a scheme and its performance

SEBI has prescribed norms / restrictions for investment management with a view to minimize / reduce undue investment risks.

SEBI also has the authority to initiate penal actions against an erring MF. In case of a change in the controlling interest of an asset management company,

investors should be given at least 30 days time to exercise their exit option

D) Promoting & Regulating Self Regulatory Organizations In order for the SRO to effectively execute its responsibilities, it would be required to be

structured, organized, managed and controlled such that it retains its independence, while continuing to perform a genuine market development role

E) Prohibiting Fraudulent And Unfair Trade Practices In The Securities Market SEBI is vested with powers to take action against these practices relating to securities

market manipulation and misleading statements to induce sale/purchase of securities. F] Prohibition Of Insider Trading

Stock Watch System, which has been put in place, surveillance over insider trading would be further strengthened.

G] Investor Education And The Training Of Intermediaries SEBI distributed the booklet titled “A Quick Reference Guide for Investors” to the investors SEBI also issued a series of advertisement /public notices in national as well as regional

newspapers to educate and caution the investors about the risks associated with the investments in collective investment schemes

SEBI has also issued messages in the interest of investors on National Channel and Regional Stations on Doordarshan.

H) Inspection And InquiriesI) Regulating Substantial Acquisition Of Shares And Take-oversJ) Performing Such Functions And Exercising Such Powers Under

The Provisions Of The Securities Contracts (Regulation) Act, 1956 As May Be Delegated To It By The Central Government;

K) Levying Fees Or Other Charges For Carrying Out The Purposes Of This Section

L) Conducting Research For The Above Purposes

THANK YOU !!!

UNIT-II OVER………….