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Hello friends, today I am going to say something about the stock market. Friends, when we are working in the stock market, watching news in newspapers and. Read about the markets, trading concepts, and technical trading strategies. know to succeed in the markets, equity, fixed income, currency, commodity. CFI's investing and trading book is free and available for anyone to download as a pdf. Example: An investor places a market order to buy. shares of XYZ stock when the best offer price is $ per share. If other orders are executed first.


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The sooner one starts investing the better. By investing early you allow your investments more time to grow, increases your income, by accumulating the. “The exercise content and evaluations in this book are outstanding. Liz “Fitness For Dummies is a real rarity: a f   My 4 Rules of Using the stock. The share price is the price at which a particular share can be bought or sold. The share Do research on the stock market through regular reading of financial .

However, as the com- pany requires NCDs at a low interest rate, it works in two Each applicant is assured of at least the amount entitled. DP is a member of a Depository who offers its servic- es to hold securities of Investors Beneficial Owners in dematerialized form. The company, the Registrar and the Depository t is difficult enter into a tripartite agreement in order to facilitate dema- terialisation of the shares and pave the way for trading on to find a the exchanges after listing. Although the regional level exchanges are in existence ordinary the volume of trading in these exchanges is negligible. The Registrars process the appli- cation forms received in the IPO.

This disclosure allows the public to know the reason for raising the money, the way the money is proposed to be spent, the return expected on the money and so on. New Issue also contains a lot of mandatory informa- tion regarding underwriting and statutory compliances.

This gives the investor a fair chance to evaluate the prospectus of the company in the short and long-term period and make an investment decision using fundamen- tal analysis, which is discussed later in the book.

How it comes into being? Prospectus is a document inviting deposits from the public or inviting offers from the public for subscription or purchase of any shares in or debentures of, a body corpo- rate. Prospectus is a statuary document and investors can sue the company for furnishing wrong information. Here, we will discuss various terms related with prospectus in.

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These terms are: An offer document covers all the classes of relevant Information pertaining to the issue. Only on completion of the bidding process, the details of the final price are included in the offer document. The offer document filed thereafter with ROC is called a prospectus. It contains all the impor- tant features of the issues in brief. All the application form of public issues contains it for the information of the investors.

Million The important factors to be considered are: Is the credit rating of IPO mandatory? The grade represents a relative assess- ment of the fundamentals of the issue in relation to other listed equity shares in India. The credit rating agency would assign a 'grade' to the IPO. The grading will be an inde- pendent and unbiased opinion of the agency. The purpose of the grading is to help retail investors to take informed decisions as they do not have means to assess the IPO like.

The grading is generally assigned on a 1 to 5 scale where higher score indicates stronger fundamentals. What do you mean by Demat shares?

Demat is the first five words of Dematerialization. Earlier shares were dealt in physical form now shares are trasnsacted in dematerialized form. Physical shares are in paper form and have distinctive number.

Unlike physical shares, Demat shares can- Can Demat shares be converted in the form of Physical shares? This Stands for process of conversion of Demat shares into physical shares is called Re-materialisation of shares. Through Depository Merrill Participants DPs , it also provides services related to transactions in securities. Its structure and functioning are Lynch' similar to the Bank. Presently in India, there are two depos- itory viz. Both of them are registered with SEBI.

What is a DP? DP is a member of a Depository who offers its servic- es to hold securities of Investors Beneficial Owners in dematerialized form. DP is like a Bank branch. It is an agent of the depository. DP works as an interface between Depository and Investors. If an investor wants to avail the services offered by Depository, he has to open a Demat account with DP similar to opening of a bank account with a branch of the bank.

Can I apply for physical shares through IPO? Yes, if issue size is less than Rs 10 crore. What is the process of dematerialization of physical shares issued to me? Any Beneficial Owner investor , who has entered into an agreement with DP, shall surrender the physical share The DP on receipt of the same forward details of the shares to the Depository and inform the depository that an agreement has been entered between DP and the beneficial owner.

The DP furnishes the required details to the issuer along with the certificate of shares. The issuer on receipt of the certificates of shares from DP immediately cancel it and substitute its record in the name of the Depository as the registered owner and.

Gerald M. In case of an Issuer company making an Issue of per cent of the net offer to Public through per cent book building issue, not less than 35 per cent and 15 per cent be available for retail investors and non institutional investor and not more than 50 per cent for the Qualified Institutional Investors QIBs. For how many days the issue remains open? Subscription for public issues remains open for at least three working days and not more than 10 working days.

In case of Book built issues, period for which bidding will be open is three to seven working days extendable by three days in case of a revision in the price band. Please explain the basis of allotment of shares. After the closure of the issue, the bids received are aggregated under different categories i.

The oversubscription ratios are then calculated for each of the categories as against the Within each of these categories, the bids are then segregated into different buckets based on the number of shares applied for. The oversubscription ratio is then applied to the number of shares applied for and the num- ber of shares to be allotted for applicants in each of the Eugene buckets is determined. Then, the number of successful allottees is determined. This process is followed in case of Meyer proportionate allotment.

In case of allotment for QIBs, The First earlier it was subject to the discretion of the post issue lead president manager but now it is done on proportional basis. The investor is entitled to receive a Confirmatory Allotment Note CAN if he has been allotted shares with- in 15 days from the date of closure of a book Built issue.

The registrar has to ensure that the Demat credit or Refund as applicable is completed within 15 days of the closure of the book built issue. The Lead Merchant Banker also publishes an advertisement giving details relating to oversubscription, basis of allotment, number, value and percentage of successful allottees, date of completion of dispatch of refund orders, date of dispatch of certificates and date of filing of listing application is released within 10 days from the date of completion of the various activities at least in an English National Daily with wide circulation, one Hindi National Paper and a Regional language daily circulated at the place where registered office of the issuer company is situated.

The investors can also contact the office of the Registrar of the company to know about the allotment. The name of the registrar is written on the prospectus or the application form. When these shares are listed on the stock exchange? The listing on the stock exchanges is done within 7 days from the finalization of the issue. Ideally, it would be around 3 weeks after the closure of the book built issue.

In case of fixed price issue, it would be around 37 days after closure of the issue. After listing of the shares you can trade in the sec- ondary market very first day of listing. Many investors try to get benefited by selling at higher prices on the very first day itself. What if I am not allotted the shares?

If you have not been allotted the shares, you will receive. As stated above, the merchant banker will give advertisement in news, among others, f you regarding refund of money. In case of delay, you will get the interest on your money for the excess period.

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It is also noted that under the provisions sections 55 of go and try to the Companies Act, Franklin Enlighten us more on convertible debentures in the public issue? Since debt funds available from the financial institu- tions prove more expensive and the lenders impose con- ditions on the company, most companies prefer to tap the stock market to obtain debt funds as well. However, the investors in the primary markets look for much higher returns than that offered by the companies who look to pay lower than the institutional lending rates.

Subsequently, a new concept of equity linked debt source has been evolved by the different companies in various forms called "instruments" of which the debentures are most popular. As you know a debenture is a debt instrument that is backed by the security of fixed assets.

The debentures carry a coupon rate. A convertible debenture is an instru- However, at the expiry of a given time from the date of allotment, the debenture is convert- ed into an equity share at a predetermined price. There are basically three types of the debentures: The entire value Worli of the debenture is converted into shares in a predeter- mined ratio.

Remain as a Previous debenture for their entire life. A part of the name of debentures is converted into shares and the rest remains Wockhardt as a non-convertible portion, which is redeemed at a predetermined price. Can you elaborate further on the concept of debentures?

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The important features of the debentures are: A debenture has a face value which is the amount paid per debenture. This face value may be divided into differ- ent parts say Part A, Part B, etc. To understand the con- cept we take an example of a debenture of face value of Rs.

These different parts of a debenture have different terms with respect to conversion of redemption. For the typical debenture under consideration, the coupon rate is 14 per cent. Part A of Rs. Part B is converted into two shares at a premium of Rs.

Part C remains as a debt and is redeemed at the end of the sixth, seventh and eighth year; from the date of allotment in three equal installments and a premium of five rupees is payable along with the first installment.

The idea of the scheme is quite simple. During the peri- od of project implementation, the company is not in a posi- tion to serve the equity by way of dividends, as it does not earn any profits. On the other hand, it can capitalize the interest during this period and claim depreciation.

During The date of conversion is fixed to coincide with the expected date of project completion. After the second conversion, the company retains a cheap debt at 14 per cent per annum. The shares, issued at premium do not increase the compa- ny's equity size substantially. The investor, on the other hand, is thrilled to receive the companies' shares and quite. Part C is called the non-convertible part of debenture or Khokha. The non-convertible debenture often comes with ule a detachable warrant, which has a validity period.

Within that period, at any time, the company can offer the warrant No. Never holders equity shares at a predetermined price. This war- rant can be separately traded on the stock exchange and is lose money. Rule No. The debentures can be independently traded on the stock exchanges for a price. Never forget Are there any more instruments?

Here, the investor puts a certain amount of money as Warren debt in a company and the company returns a much high- Buffett er amount at a later date.

For instance, say the initial investment is Rs. The company would pay back Rs. These SPNs are often accompanied by a detachable warrant. Another instrument is the zero coupon bond which is like a fully convertible debenture bearing no interest rate. However, to compensate for the loss of revenue on account of interest, the premium on conversion is some- times lower. To which instrument should one apply? In case of a debenture issue with conversion at a premi- um, an evaluation criterion would help you to decide the instrument.

For an equity-linked debenture, it is important to ascer- tain the cost of a share. In an ordinary share issue and Thus, for a share purchased at Rs. For FCDs, an investor has to study the terms carefully before Karsan ascertaining the cost. Suppose that an FCD with a face value of Rs. Part B of Patel Rs. If the FCD carries interest at a rate of 15 turned per cent per annum, then the cost of the shares works out entrepreneur as follows: As soon as the cost of the share is derived, the investor may follow his judgment by analysis to arrive at a fair value of the share after may be one year or two years, and thus deduce the return he would obtain.

This would determine if it is worthwhile to invest in that instrument. These instruments along with SPNs are interest-bear- ing funds at least to some extent e.

In general, the life of an NCD is between seven to nine years with interest as applicable. They are repayable in one or more very often three yearly installments at par or at a premium generally at the most 10 per cent.

Thus, a typical NCD portion of Rs. Each year, the investor is paid Rs. The return calculations of the different investors vary. An investor interested in investing in shares may not want to block his funds bearing NCDs. However, as the com- pany requires NCDs at a low interest rate, it works in two On the one hand, it offers NCDs to the public as a part of a package, i.

However, since the investor feels that this NCD portion of a PCD called a khokha is a burden, the company finds a party, investor or financier who agrees to buy the NCD portion at a price lower than the face value, i.

This "buyback" arrange-. In a typical buyback arrangement, the khokha of the face value of Rs. The company gets the advantage of a lower interest rate and the financier, who pays only Rs. For instance, a 14 per cent per annum interest on Rs. Besides, the bored, its time financier gets Rs. The investor to start also finds extra gains in the form of entitlement of a share on lucrative terms as compared to the market price.

Lynch In arriving at the cost of shares in a PCD, the discount at which the khokha is sold is to be added to the cost of the share on conversion. In SPNs, the companies attach detachable warrants.

A typical SPN may have terms as follows: The investor pays Rs. He gets Rs. Besides, he is given a detachable war- rant whereby he is eligible to purchase a share at a prede- cided premium and within a predefined time frame when the company makes an offer to the investor.

SPNs and debentures with a maturity of over 18 months are required to get a rating from a recognised rat- ing institution. The evaluation of an investment can be done by apply- ing the principle of Time Value of Money. As you know, an application to a new issue is decided by a lottery. In general, the good issues are oversubscribed by sev- eral times, i.

There are instances when issues Rajashree have been oversubscribed by times with small chances of getting allotment. While there is no apparent cost in apply- Birla ing to a new issue, the allotment process takes two to three The first months, thus blocking your money for this period.

On the other hand, primary issues if allotted, yield high returns. If a woman share for which the investor has paid Rs. Therefore, the critical aspect of applying to new issues lies in increasing the chances of allotment, which, in turn, improves the return.

There are many investors who apply to new issues in a scientific manner to average a net return of around 40 per cent risk free per annum. Therefore; these investors prefer to operate only in the primary markets.

How does one make selective applications? First of all, unless it is a company with very good pro- moters like Tatas, Birlas, Ambanis or any similar well- known concern with a good reputation , application to new issues is essentially a short term investment.

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This is because a new issue is made by new companies or existing compa- nies wanting to set up a new plant. Therefore, the returns from the plant depend upon its future performance. Past experience shows that, in general, new plants face teething problems which takes one to two years to stabilize after the commencement of production. Very often, the commence- ment of production is also delayed.

So, a share would take about two to three years on an average before it fetches a reasonable price commensurate with an earning potential of the company as depicted in the prospectus. However, on listing, the share quotes at a good price due to the phe- nomenon of supply and demand. Thus, a share would yield Rs. In these circumstances, it may be better to cash Rs. It is enough to ascertain: In such a case, he should wait until the market mood improves.

He can collect weekly updates from investment sections of newspapers, which fund] allocates space for new issues. Keep out of new issues with doubtful history and avoid high premium issues as well.

The returns are not William lucrative. Let us explain by citing an illustration, say com- pany 'XYZ' offers shares to the public at Rs. To the dismay of the public, however, the share was later listed at Rs.

Investors should be cautious of such companies with high brand names who want to collect large premiums. Such companies have failed to restore the expectations of listing of prices and So, while judging a company the investor must also study the genuineness of the funds requirement.

To explain in detail, we shall first learn which companies generally float a public issue. The first is the common category of a new company Calcutta setting up a manufacturing facility. These companies are again of two types. To reduce the risk it is advis- able to study well before making investment in the second mint, category of companies. These companies as a rule are required to offer shares to existing shareholders only. A public issue can be made only with the permission of the existing shareholders.

Again, such companies are of two types. One is the existing listed company, which generally floats only rights issues. However, if the company is embarking on a programme much larger than its existing operations, it may then offer a public issue.

As per the current trend, very few existing list- ed companies go in for a public issue and such issue is gen- erally offered at a high premium. For instance, there is a certain company say 'XYZ' Ltd which floated a public issue in January at a premium of Rs. If the offer price is more than 50 per cent of the recent share price, it is not worth applying for the issue.

In such cases, unless the com- pany and the promoters are very well reputed, it is not advisable to invest your money. How many shares should I apply for?

The minimum lot size is given clearly in the application form. It is stated that the applications should be in multi- ples of say shares. In case of debentures, however, the company may ask for application in say two or three lots so This is case dependent and needs to be studied with utmost care. Therefore, if the minimum lot in an offer is shares with ood Rs. However, as per law, multiple applications is the art of are not allowed.

A set of multiple applications is one where the sole or the first applicant is one and the same. You making would be, however, advised to make as many legal applica- tions as possible for the amount you want to invest because problems so in case of over subscription, while one application of interesting shares has a better chance than one application of shares, both applications are likely to be allotted only and their shares and five applications of shares have a better chance than one application of shares.

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While this con- solutions so clusion is drawn after studying various public issue allot- ments, it is not universal and would depend on the compa- constructive ny as well the distribution of the applications. In an application to a public issue, the deal with money is blocked for about three months. During that peri- od, the company too cannot use the money. Paul Stockinvest is a new instrument devised by banks which allows the investor to earn interest on his funds while he Hawken awaits allotment.

How do shareholders benefit by the good performance of a company? In quite a few ways. These are: A company may distribute a part of its profits to the shareholders by the way of dividend. The normal level of However, loss mak- ing, marginal profit making or companies with negative reserves, do not generally declare any dividend.

Dividend is computed on the face value of the share. Therefore, a 10 per cent dividend on a Rs. As the profits as well as Earning Per Share EPS increas- 98 es, the price of the share rises and the investor is benefited.

If a company makes very high profit for a few years, it is eli- companies gible to make a bonus issue. The number of shares gifted Ratan Tata is proportional to the number of shares held. The usual presides ratios in which bonus is issued are 1: Till recently, bonus in the ratio more than 1: This restriction has now been eliminated.

If an existing company wants to raise more funds by the way of shares, debentures or such other instruments, it is obliged to offer these instruments first to the existing share- holders. This offer is called an offer on rights basis and is required to be approved by the General Body Meeting GBM of the shareholders. Only if the GBM decides so, the instrument can be offered to the public directly instead of rights.

This offer is also made in a convenient ratio of the shares held. Could you elaborate on rights issues? Rights issue is a fresh issue of an instrument by a com- pany to its existing shareholders in a given ratio for which he has to pay a premium to acquire the rights entitlement. A shareholder must therefore evaluate the pros and cons of such purchases. Though approved at the GBM, this offer is not necessar- ily favorable to the investors for two reasons: However, because of having significant chunk of shares and their hold on Board of Directors, the.

Therefore, the management proposals are not likely to be rejected. Moreover, a majority of the shareholders do not attend management GBMs nor give proxies. Therefore, decisions taken are not always the decision of the general shareholders. This can be ascertained by an analysis of the past work- tackles a ing results.

Such issues need careful appraisal. Also, the SEBI guidelines have removed all reputation of restrictions on the premium on rights issues. Thus, rights issues are now offered at exorbitant premiums decided by the business the lead managers. Warren The rights issue amount is very often determined by the requirement of funds.

The ratio thus depends on this and Buffett the premium charged giving scope to a possible odd share ratio for instance, a company floated a rights issue in January-February, , with a ratio of This implies that the investor is left with an odd lot which does not command the market price.

How does one apply for a rights issue? The process is divided into two parts. First, being the eli- The eligibility criterion is very clear.

The company makes an announcement of the rights issue and a book closure date. The listed shareholders in the company's register on the date of book closure are eligible for an offer of the Maastricht rights issue. A person is deemed to be a shareholder on the date of book closure if his share certificates with transfer Treaty form duly filled reaches the company before the date of Treaty book closure.

The number of shares standing in the name signed of a person on the date of book closure are taken into account for computing the rights entitlement. The Nations for rights issue is generally kept open for one month. A person monetary entitled to the rights is at a liberty to apply for the whole or a part of his entitlement.

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He is also allowed to transfer or union in renounce the whole or a part of the entitlement to any in other person at a price. During the period immediately pre- Maastricht, ceding the rights issue or during the early part of the same, Netherlands the shareholder receives a rights form that has four parts.

An investor wanting to apply to his entitlement without renunciation should fill in Part A of the form.

If he prefers to renounce his entire entitlement, he should fill in part B. The renouncee should fill in Part C. In case, the holder wants to renounce a part and apply to the other part, he must fill in Part D appropriately. Part D is the instruction to the company to supply split forms.

These forms are in the denominations required by the renouncer. Thus, a holder entitled to shares can ask the company to send him 10 split forms of shares each.

These forms are similar to the original rights forms. He can then renounce some forms and apply to the others. However, in the letter of offer, the company even announces the last date for receipt of request for split forms. This should be noted and adhered to. At the time of rights issue of good companies, the rights forms can be purchased in the stock market on cash down, instant delivery basis.

The investor should fill the appropriate part as applica- The allotment is not as diffi- cult as in the case of a public issue but the process again. Each applicant is assured of at least the amount entitled. That is because all rights issues allow its investors to definition of apply for additional shares.

While few companies allow only the original holder to apply for additional shares, others management allow even the renouncee to apply. The additional shares are is getting work to be indicated in a separate box.

Earlier, most of the companies were allowed to retain done through over subscription if any upto 15 per cent of the issue size. This practice has been stopped after the introduction of the people, but new SEBI guidelines.

This is generally given in the Letter of Offer. If there is an unsubscribed portion, then is developing the priority is given to the existing shareholders first and then to the renouncers.

Since the ratio very often results in an odd lot, you may apply to rights to an extent that would give you Agha Hasan a complete lot, if alloted. Abedi How the shareholders get dividend and bonus issues? Like rights issue, even bonus issue and dividend have book closure date.

The shareholders entitled to these bene- fits are sent the bonus shares or dividend warrant as appli- cable by post. What happens if the investor does not receive the company's correspondence? An investor should be aware of the developments in the company of which he hold shares.

The declaration of divi- Besides, it is also published in the major newspapers and investment publications in their investment sections. If the rights form is not received or received late, then logically the investor cannot apply for the issue, thus losing the option of the rights. If the investor does not get the rights offer at least 21 days before the date of closure of the Lawyer issue, he can take the Finance following steps: Folio No.

If possible, he can also visit the Madras HC Registrars or the company's registered office alongwith in his shares. In that case, the offer would have been sent to the previous holder please note that the share transfer is a long process and more often than not, in case the investor has sent the form for transfer near book closure date, the transferred shares come back after the rights shares are allotted.

In this case, the company would send back the rejected transfer application to the investor. In the first possibility, the investor should take up with his broker who is obliged to compensate to the extent of the rights entitlement.

He may, however, need to be shown the rejected form as and when it arrives and the process may be lengthy. In the sec- ond possibility, the investor must obtain a duplicate form from the company.

Remember that all com- The investor should take quick action and correspond immediately to the company with a copy to the nearest stock exchange, SEBI and to a well-known. As in management far as missing dividends are concerned, the company checks its record and if his dividend warrant has not been and success in encashed, he is entitled to get a duplicate.

You Pay Rs Copy will be delivered by Registered Book Post To order log on to http: Mumbai - This is just the first chapter of the book, the complete book is amazing Does investing in Stock Market confuse you? Are you getting lost in complicated terms? This book will educate you and give you the confidence in investing in the Indian Stock Market. This is just the first chapter of the book, the complete book is amazing.

Public Domain. Flag for inappropriate content. Related titles. Jump to Page. Search inside document. Process of application for Rights Issues and allotment Click here to buy this book at www. Secondary Market 2. Clearing mechanism 3. Insider trading and SEBI regulations 4. Authorized and Subscribed capital Click here to buy this book at www. Director's report 5. FERA companies 6. New High and New Low indicator Click here to buy this book at www.

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The term com- 12 Click here to buy this book at www. Since at this stage the capital required is limited the entrepreneurs prefer the seed capital 13 Click here to buy this book at www. Among public limited companies, the companies with their shares widely held are listed in the stock exchanges, and the shares of only these limited com- 14 Click here to buy this book at www.

Yes, the fresh issue includes equity shares, debentures or 15 Click here to buy this book at www. In order to issue shares in the overseas market the companies are required to register themselves in the concerned market and would 16 Click here to buy this book at www. After gone through numerous changes this association is 17 Click here to buy this book at www. Income is 19 Click here to buy this book at www. The spread 23 Click here to buy this book at www.

The price of an issue is decided by the Issuer Company 24 Click here to buy this book at www. In a buoyant stock market when good shares trade at very high prices, companies realize 25 Click here to buy this book at www. They process data for transfer of funds in case of refund 26 Click here to buy this book at www. Unlike physical shares, Demat shares can- 30 Click here to buy this book at www.

Any Beneficial Owner investor , who has entered into an agreement with DP, shall surrender the physical share 31 Click here to buy this book at www. The oversubscription ratios are then calculated for each of the categories as against the 32 Click here to buy this book at www. A convertible debenture is an instru- 34 Click here to buy this book at www. During 35 Click here to buy this book at www. In an ordinary share issue and 36 Click here to buy this book at www.

However, as the com- pany requires NCDs at a low interest rate, it works in two 37 Click here to buy this book at www. Such companies have failed to restore the expectations of listing of prices and 40 Click here to buy this book at www.

In case of debentures, however, the company may ask for application in say two or three lots so 41 Click here to buy this book at www. The normal level of 42 Click here to buy this book at www. First, being the eli- 44 Click here to buy this book at www. The investor should fill the appropriate part as applica- 45 Click here to buy this book at www. The declaration of divi- 46 Click here to buy this book at www.

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This is a classic for investors who do not aim to turn into the Warren Buffets of the industry. The average investor has plenty of advice to achieve financial success the smart way. The book is filled witty remarks and is written in an extremely easy go hunky manner. The book though written in an easy manner cannot be considered as a shortcut to easy success. There are no magic formulae to attain riches and homework is always necessary.

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