Warning (2): ini_set() [function.ini-set]: Headers already sent. You cannot change the session module's ini settings at this time [CORE/Cake/Model/Datasource/CakeSession.php, line 553]
Code Context
            if (!empty($sessionConfig['ini']) && is_array($sessionConfig['ini'])) {
                foreach ($sessionConfig['ini'] as $setting => $value) {
                    if (ini_set($setting, $value) === false) {
$sessionConfig = array(
	'cookie' => 'CAKEPHP',
	'timeout' => (int) 240,
	'ini' => array(
		'session.use_trans_sid' => (int) 0,
		'session.cookie_path' => '/',
		'session.cookie_secure' => (int) 1,
		'session.cookie_lifetime' => (int) 14400,
		'session.name' => 'CAKEPHP',
		'session.gc_maxlifetime' => (int) 14400,
		'session.cookie_httponly' => (int) 1
	),
	'defaults' => 'php',
	'cookieTimeout' => (int) 240,
	'cacheLimiter' => 'must-revalidate'
)
$defaults = array(
	'cookie' => 'CAKEPHP',
	'timeout' => (int) 240,
	'ini' => array(
		'session.use_trans_sid' => (int) 0,
		'session.cookie_path' => '/'
	)
)
$value = (int) 0
$setting = 'session.use_trans_sid'
ini_set - [internal], line ??
CakeSession::_configureSession() - CORE/Cake/Model/Datasource/CakeSession.php, line 553
CakeSession::_cookieName() - CORE/Cake/Model/Datasource/CakeSession.php, line 588
CakeSession::_hasSession() - CORE/Cake/Model/Datasource/CakeSession.php, line 599
CakeSession::check() - CORE/Cake/Model/Datasource/CakeSession.php, line 233
SessionHelper::flash() - CORE/Cake/View/Helper/SessionHelper.php, line 134
include - APP/View/Layouts/default.ctp, line 75
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::renderLayout() - CORE/Cake/View/View.php, line 546
View::render() - CORE/Cake/View/View.php, line 481
Controller::render() - CORE/Cake/Controller/Controller.php, line 963
Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200
Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167
[main] - APP/webroot/index.php, line 110

Notice (8): compact() [function.compact]: Undefined variable: etagMatches [CORE/Cake/Network/CakeResponse.php, line 1171]
Code Context
            $timeMatches = strtotime($this->modified()) === strtotime($modifiedSince);
        }
        $checks = compact('etagMatches', 'timeMatches');
$request = object(CakeRequest) {
	params => array(
		'plugin' => null,
		'controller' => 'homes',
		'action' => 'category_post_listing',
		'named' => array([maximum depth reached]),
		'pass' => array(
			[maximum depth reached]
		),
		'slug1' => 'share-market',
		'slug' => 'collective-investment-schemes',
		'isAjax' => false,
		'models' => array(
			[maximum depth reached]
		)
	)
	data => array()
	query => array(
		'url' => 'share-market/collective-investment-schemes.html'
	)
	url => 'share-market/collective-investment-schemes.html'
	base => ''
	webroot => '/'
	here => '/share-market/collective-investment-schemes.html'
	[protected] _detectors => array(
		'get' => array(
			[maximum depth reached]
		),
		'patch' => array(
			[maximum depth reached]
		),
		'post' => array(
			[maximum depth reached]
		),
		'put' => array(
			[maximum depth reached]
		),
		'delete' => array(
			[maximum depth reached]
		),
		'head' => array(
			[maximum depth reached]
		),
		'options' => array(
			[maximum depth reached]
		),
		'ssl' => array(
			[maximum depth reached]
		),
		'ajax' => array(
			[maximum depth reached]
		),
		'flash' => array(
			[maximum depth reached]
		),
		'mobile' => array(
			[maximum depth reached]
		),
		'requested' => array(
			[maximum depth reached]
		),
		'json' => array(
			[maximum depth reached]
		),
		'xml' => array(
			[maximum depth reached]
		)
	)
	[protected] _input => ''
}
$etags = array()
$modifiedSince = false
$responseTag = null
compact - [internal], line ??
CakeResponse::checkNotModified() - CORE/Cake/Network/CakeResponse.php, line 1171
RequestHandlerComponent::beforeRender() - CORE/Cake/Controller/Component/RequestHandlerComponent.php, line 285
ObjectCollection::trigger() - CORE/Cake/Utility/ObjectCollection.php, line 128
CakeEventManager::dispatch() - CORE/Cake/Event/CakeEventManager.php, line 243
Controller::render() - CORE/Cake/Controller/Controller.php, line 936
ExceptionRenderer::_outputMessage() - CORE/Cake/Error/ExceptionRenderer.php, line 292
ExceptionRenderer::_cakeError() - CORE/Cake/Error/ExceptionRenderer.php, line 213
ExceptionRenderer::render() - CORE/Cake/Error/ExceptionRenderer.php, line 190
ErrorHandler::handleException() - CORE/Cake/Error/ErrorHandler.php, line 127
[main] - [internal], line ??

Notice (8): compact() [function.compact]: Undefined variable: timeMatches [CORE/Cake/Network/CakeResponse.php, line 1171]
Code Context
            $timeMatches = strtotime($this->modified()) === strtotime($modifiedSince);
        }
        $checks = compact('etagMatches', 'timeMatches');
$request = object(CakeRequest) {
	params => array(
		'plugin' => null,
		'controller' => 'homes',
		'action' => 'category_post_listing',
		'named' => array([maximum depth reached]),
		'pass' => array(
			[maximum depth reached]
		),
		'slug1' => 'share-market',
		'slug' => 'collective-investment-schemes',
		'isAjax' => false,
		'models' => array(
			[maximum depth reached]
		)
	)
	data => array()
	query => array(
		'url' => 'share-market/collective-investment-schemes.html'
	)
	url => 'share-market/collective-investment-schemes.html'
	base => ''
	webroot => '/'
	here => '/share-market/collective-investment-schemes.html'
	[protected] _detectors => array(
		'get' => array(
			[maximum depth reached]
		),
		'patch' => array(
			[maximum depth reached]
		),
		'post' => array(
			[maximum depth reached]
		),
		'put' => array(
			[maximum depth reached]
		),
		'delete' => array(
			[maximum depth reached]
		),
		'head' => array(
			[maximum depth reached]
		),
		'options' => array(
			[maximum depth reached]
		),
		'ssl' => array(
			[maximum depth reached]
		),
		'ajax' => array(
			[maximum depth reached]
		),
		'flash' => array(
			[maximum depth reached]
		),
		'mobile' => array(
			[maximum depth reached]
		),
		'requested' => array(
			[maximum depth reached]
		),
		'json' => array(
			[maximum depth reached]
		),
		'xml' => array(
			[maximum depth reached]
		)
	)
	[protected] _input => ''
}
$etags = array()
$modifiedSince = false
$responseTag = null
compact - [internal], line ??
CakeResponse::checkNotModified() - CORE/Cake/Network/CakeResponse.php, line 1171
RequestHandlerComponent::beforeRender() - CORE/Cake/Controller/Component/RequestHandlerComponent.php, line 285
ObjectCollection::trigger() - CORE/Cake/Utility/ObjectCollection.php, line 128
CakeEventManager::dispatch() - CORE/Cake/Event/CakeEventManager.php, line 243
Controller::render() - CORE/Cake/Controller/Controller.php, line 936
ExceptionRenderer::_outputMessage() - CORE/Cake/Error/ExceptionRenderer.php, line 292
ExceptionRenderer::_cakeError() - CORE/Cake/Error/ExceptionRenderer.php, line 213
ExceptionRenderer::render() - CORE/Cake/Error/ExceptionRenderer.php, line 190
ErrorHandler::handleException() - CORE/Cake/Error/ErrorHandler.php, line 127
[main] - [internal], line ??

Notice (8): compact() [function.compact]: Undefined variable: etagMatches [CORE/Cake/Network/CakeResponse.php, line 1171]
Code Context
            $timeMatches = strtotime($this->modified()) === strtotime($modifiedSince);
        }
        $checks = compact('etagMatches', 'timeMatches');
$request = object(CakeRequest) {
	params => array(
		'plugin' => null,
		'controller' => 'homes',
		'action' => 'category_post_listing',
		'named' => array([maximum depth reached]),
		'pass' => array(
			[maximum depth reached]
		),
		'slug1' => 'share-market',
		'slug' => 'collective-investment-schemes',
		'isAjax' => false,
		'models' => array(
			[maximum depth reached]
		)
	)
	data => array()
	query => array(
		'url' => 'share-market/collective-investment-schemes.html'
	)
	url => 'share-market/collective-investment-schemes.html'
	base => ''
	webroot => '/'
	here => '/share-market/collective-investment-schemes.html'
	[protected] _detectors => array(
		'get' => array(
			[maximum depth reached]
		),
		'patch' => array(
			[maximum depth reached]
		),
		'post' => array(
			[maximum depth reached]
		),
		'put' => array(
			[maximum depth reached]
		),
		'delete' => array(
			[maximum depth reached]
		),
		'head' => array(
			[maximum depth reached]
		),
		'options' => array(
			[maximum depth reached]
		),
		'ssl' => array(
			[maximum depth reached]
		),
		'ajax' => array(
			[maximum depth reached]
		),
		'flash' => array(
			[maximum depth reached]
		),
		'mobile' => array(
			[maximum depth reached]
		),
		'requested' => array(
			[maximum depth reached]
		),
		'json' => array(
			[maximum depth reached]
		),
		'xml' => array(
			[maximum depth reached]
		)
	)
	[protected] _input => ''
}
$etags = array()
$modifiedSince = false
$responseTag = null
compact - [internal], line ??
CakeResponse::checkNotModified() - CORE/Cake/Network/CakeResponse.php, line 1171
RequestHandlerComponent::beforeRender() - CORE/Cake/Controller/Component/RequestHandlerComponent.php, line 285
ObjectCollection::trigger() - CORE/Cake/Utility/ObjectCollection.php, line 128
CakeEventManager::dispatch() - CORE/Cake/Event/CakeEventManager.php, line 243
Controller::render() - CORE/Cake/Controller/Controller.php, line 936
ExceptionRenderer::_outputMessage() - CORE/Cake/Error/ExceptionRenderer.php, line 292
ExceptionRenderer::_outputMessage() - CORE/Cake/Error/ExceptionRenderer.php, line 300
ExceptionRenderer::_cakeError() - CORE/Cake/Error/ExceptionRenderer.php, line 213
ExceptionRenderer::render() - CORE/Cake/Error/ExceptionRenderer.php, line 190
ErrorHandler::handleException() - CORE/Cake/Error/ErrorHandler.php, line 127
[main] - [internal], line ??

Notice (8): compact() [function.compact]: Undefined variable: timeMatches [CORE/Cake/Network/CakeResponse.php, line 1171]
Code Context
            $timeMatches = strtotime($this->modified()) === strtotime($modifiedSince);
        }
        $checks = compact('etagMatches', 'timeMatches');
$request = object(CakeRequest) {
	params => array(
		'plugin' => null,
		'controller' => 'homes',
		'action' => 'category_post_listing',
		'named' => array([maximum depth reached]),
		'pass' => array(
			[maximum depth reached]
		),
		'slug1' => 'share-market',
		'slug' => 'collective-investment-schemes',
		'isAjax' => false,
		'models' => array(
			[maximum depth reached]
		)
	)
	data => array()
	query => array(
		'url' => 'share-market/collective-investment-schemes.html'
	)
	url => 'share-market/collective-investment-schemes.html'
	base => ''
	webroot => '/'
	here => '/share-market/collective-investment-schemes.html'
	[protected] _detectors => array(
		'get' => array(
			[maximum depth reached]
		),
		'patch' => array(
			[maximum depth reached]
		),
		'post' => array(
			[maximum depth reached]
		),
		'put' => array(
			[maximum depth reached]
		),
		'delete' => array(
			[maximum depth reached]
		),
		'head' => array(
			[maximum depth reached]
		),
		'options' => array(
			[maximum depth reached]
		),
		'ssl' => array(
			[maximum depth reached]
		),
		'ajax' => array(
			[maximum depth reached]
		),
		'flash' => array(
			[maximum depth reached]
		),
		'mobile' => array(
			[maximum depth reached]
		),
		'requested' => array(
			[maximum depth reached]
		),
		'json' => array(
			[maximum depth reached]
		),
		'xml' => array(
			[maximum depth reached]
		)
	)
	[protected] _input => ''
}
$etags = array()
$modifiedSince = false
$responseTag = null
compact - [internal], line ??
CakeResponse::checkNotModified() - CORE/Cake/Network/CakeResponse.php, line 1171
RequestHandlerComponent::beforeRender() - CORE/Cake/Controller/Component/RequestHandlerComponent.php, line 285
ObjectCollection::trigger() - CORE/Cake/Utility/ObjectCollection.php, line 128
CakeEventManager::dispatch() - CORE/Cake/Event/CakeEventManager.php, line 243
Controller::render() - CORE/Cake/Controller/Controller.php, line 936
ExceptionRenderer::_outputMessage() - CORE/Cake/Error/ExceptionRenderer.php, line 292
ExceptionRenderer::_outputMessage() - CORE/Cake/Error/ExceptionRenderer.php, line 300
ExceptionRenderer::_cakeError() - CORE/Cake/Error/ExceptionRenderer.php, line 213
ExceptionRenderer::render() - CORE/Cake/Error/ExceptionRenderer.php, line 190
ErrorHandler::handleException() - CORE/Cake/Error/ErrorHandler.php, line 127
[main] - [internal], line ??

Notice (8): compact() [function.compact]: Undefined variable: subject [CORE/Cake/Utility/ObjectCollection.php, line 128]
Code Context
        $result = null;
        foreach ($list as $name) {
            $result = call_user_func_array(array($this->_loaded[$name], $callback), compact('subject') + $params);
$callback = 'beforeRender'
$params = array(
	(int) 0 => '/home/customer/www/aglatax.com/public_html/app/View/Errors/error500.ctp'
)
$options = array(
	'break' => false,
	'breakOn' => false,
	'collectReturn' => false,
	'modParams' => false
)
$event = object(CakeEvent) {
	data => array(
		(int) 0 => '/home/customer/www/aglatax.com/public_html/app/View/Errors/error500.ctp'
	)
	result => null
	omitSubject => true
	[protected] _name => 'View.beforeRender'
	[protected] _subject => object(View) {}
	[protected] _stopped => false
}
$opt = 'modParams'
$parts = array(
	(int) 0 => 'View'
)
$collected = array()
$list = array(
	(int) 0 => 'Cache',
	(int) 1 => 'Html',
	(int) 2 => 'Form',
	(int) 3 => 'Session',
	(int) 4 => 'Flash'
)
$result = null
$name = 'Cache'
compact - [internal], line ??
ObjectCollection::trigger() - CORE/Cake/Utility/ObjectCollection.php, line 128
HelperCollection::trigger() - CORE/Cake/View/HelperCollection.php, line 200
CakeEventManager::dispatch() - CORE/Cake/Event/CakeEventManager.php, line 243
View::render() - CORE/Cake/View/View.php, line 472
Controller::render() - CORE/Cake/Controller/Controller.php, line 963
ExceptionRenderer::_outputMessage() - CORE/Cake/Error/ExceptionRenderer.php, line 292
ExceptionRenderer::_outputMessage() - CORE/Cake/Error/ExceptionRenderer.php, line 300
ExceptionRenderer::_cakeError() - CORE/Cake/Error/ExceptionRenderer.php, line 213
ExceptionRenderer::render() - CORE/Cake/Error/ExceptionRenderer.php, line 190
ErrorHandler::handleException() - CORE/Cake/Error/ErrorHandler.php, line 127
[main] - [internal], line ??

Notice (8): compact() [function.compact]: Undefined variable: subject [CORE/Cake/Utility/ObjectCollection.php, line 128]
Code Context
        $result = null;
        foreach ($list as $name) {
            $result = call_user_func_array(array($this->_loaded[$name], $callback), compact('subject') + $params);
$callback = 'beforeRender'
$params = array(
	(int) 0 => '/home/customer/www/aglatax.com/public_html/app/View/Errors/error500.ctp'
)
$options = array(
	'break' => false,
	'breakOn' => false,
	'collectReturn' => false,
	'modParams' => false
)
$event = object(CakeEvent) {
	data => array(
		(int) 0 => '/home/customer/www/aglatax.com/public_html/app/View/Errors/error500.ctp'
	)
	result => null
	omitSubject => true
	[protected] _name => 'View.beforeRender'
	[protected] _subject => object(View) {}
	[protected] _stopped => false
}
$opt = 'modParams'
$parts = array(
	(int) 0 => 'View'
)
$collected = array()
$list = array(
	(int) 0 => 'Cache',
	(int) 1 => 'Html',
	(int) 2 => 'Form',
	(int) 3 => 'Session',
	(int) 4 => 'Flash'
)
$result = null
$name = 'Html'
compact - [internal], line ??
ObjectCollection::trigger() - CORE/Cake/Utility/ObjectCollection.php, line 128
HelperCollection::trigger() - CORE/Cake/View/HelperCollection.php, line 200
CakeEventManager::dispatch() - CORE/Cake/Event/CakeEventManager.php, line 243
View::render() - CORE/Cake/View/View.php, line 472
Controller::render() - CORE/Cake/Controller/Controller.php, line 963
ExceptionRenderer::_outputMessage() - CORE/Cake/Error/ExceptionRenderer.php, line 292
ExceptionRenderer::_outputMessage() - CORE/Cake/Error/ExceptionRenderer.php, line 300
ExceptionRenderer::_cakeError() - CORE/Cake/Error/ExceptionRenderer.php, line 213
ExceptionRenderer::render() - CORE/Cake/Error/ExceptionRenderer.php, line 190
ErrorHandler::handleException() - CORE/Cake/Error/ErrorHandler.php, line 127
[main] - [internal], line ??

Notice (8): compact() [function.compact]: Undefined variable: subject [CORE/Cake/Utility/ObjectCollection.php, line 128]
Code Context
        $result = null;
        foreach ($list as $name) {
            $result = call_user_func_array(array($this->_loaded[$name], $callback), compact('subject') + $params);
$callback = 'beforeRender'
$params = array(
	(int) 0 => '/home/customer/www/aglatax.com/public_html/app/View/Errors/error500.ctp'
)
$options = array(
	'break' => false,
	'breakOn' => false,
	'collectReturn' => false,
	'modParams' => false
)
$event = object(CakeEvent) {
	data => array(
		(int) 0 => '/home/customer/www/aglatax.com/public_html/app/View/Errors/error500.ctp'
	)
	result => null
	omitSubject => true
	[protected] _name => 'View.beforeRender'
	[protected] _subject => object(View) {}
	[protected] _stopped => false
}
$opt = 'modParams'
$parts = array(
	(int) 0 => 'View'
)
$collected = array()
$list = array(
	(int) 0 => 'Cache',
	(int) 1 => 'Html',
	(int) 2 => 'Form',
	(int) 3 => 'Session',
	(int) 4 => 'Flash'
)
$result = null
$name = 'Form'
compact - [internal], line ??
ObjectCollection::trigger() - CORE/Cake/Utility/ObjectCollection.php, line 128
HelperCollection::trigger() - CORE/Cake/View/HelperCollection.php, line 200
CakeEventManager::dispatch() - CORE/Cake/Event/CakeEventManager.php, line 243
View::render() - CORE/Cake/View/View.php, line 472
Controller::render() - CORE/Cake/Controller/Controller.php, line 963
ExceptionRenderer::_outputMessage() - CORE/Cake/Error/ExceptionRenderer.php, line 292
ExceptionRenderer::_outputMessage() - CORE/Cake/Error/ExceptionRenderer.php, line 300
ExceptionRenderer::_cakeError() - CORE/Cake/Error/ExceptionRenderer.php, line 213
ExceptionRenderer::render() - CORE/Cake/Error/ExceptionRenderer.php, line 190
ErrorHandler::handleException() - CORE/Cake/Error/ErrorHandler.php, line 127
[main] - [internal], line ??

Notice (8): compact() [function.compact]: Undefined variable: subject [CORE/Cake/Utility/ObjectCollection.php, line 128]
Code Context
        $result = null;
        foreach ($list as $name) {
            $result = call_user_func_array(array($this->_loaded[$name], $callback), compact('subject') + $params);
$callback = 'beforeRender'
$params = array(
	(int) 0 => '/home/customer/www/aglatax.com/public_html/app/View/Errors/error500.ctp'
)
$options = array(
	'break' => false,
	'breakOn' => false,
	'collectReturn' => false,
	'modParams' => false
)
$event = object(CakeEvent) {
	data => array(
		(int) 0 => '/home/customer/www/aglatax.com/public_html/app/View/Errors/error500.ctp'
	)
	result => null
	omitSubject => true
	[protected] _name => 'View.beforeRender'
	[protected] _subject => object(View) {}
	[protected] _stopped => false
}
$opt = 'modParams'
$parts = array(
	(int) 0 => 'View'
)
$collected = array()
$list = array(
	(int) 0 => 'Cache',
	(int) 1 => 'Html',
	(int) 2 => 'Form',
	(int) 3 => 'Session',
	(int) 4 => 'Flash'
)
$result = null
$name = 'Session'
compact - [internal], line ??
ObjectCollection::trigger() - CORE/Cake/Utility/ObjectCollection.php, line 128
HelperCollection::trigger() - CORE/Cake/View/HelperCollection.php, line 200
CakeEventManager::dispatch() - CORE/Cake/Event/CakeEventManager.php, line 243
View::render() - CORE/Cake/View/View.php, line 472
Controller::render() - CORE/Cake/Controller/Controller.php, line 963
ExceptionRenderer::_outputMessage() - CORE/Cake/Error/ExceptionRenderer.php, line 292
ExceptionRenderer::_outputMessage() - CORE/Cake/Error/ExceptionRenderer.php, line 300
ExceptionRenderer::_cakeError() - CORE/Cake/Error/ExceptionRenderer.php, line 213
ExceptionRenderer::render() - CORE/Cake/Error/ExceptionRenderer.php, line 190
ErrorHandler::handleException() - CORE/Cake/Error/ErrorHandler.php, line 127
[main] - [internal], line ??

Notice (8): compact() [function.compact]: Undefined variable: subject [CORE/Cake/Utility/ObjectCollection.php, line 128]
Code Context
        $result = null;
        foreach ($list as $name) {
            $result = call_user_func_array(array($this->_loaded[$name], $callback), compact('subject') + $params);
$callback = 'beforeRender'
$params = array(
	(int) 0 => '/home/customer/www/aglatax.com/public_html/app/View/Errors/error500.ctp'
)
$options = array(
	'break' => false,
	'breakOn' => false,
	'collectReturn' => false,
	'modParams' => false
)
$event = object(CakeEvent) {
	data => array(
		(int) 0 => '/home/customer/www/aglatax.com/public_html/app/View/Errors/error500.ctp'
	)
	result => null
	omitSubject => true
	[protected] _name => 'View.beforeRender'
	[protected] _subject => object(View) {}
	[protected] _stopped => false
}
$opt = 'modParams'
$parts = array(
	(int) 0 => 'View'
)
$collected = array()
$list = array(
	(int) 0 => 'Cache',
	(int) 1 => 'Html',
	(int) 2 => 'Form',
	(int) 3 => 'Session',
	(int) 4 => 'Flash'
)
$result = null
$name = 'Flash'
compact - [internal], line ??
ObjectCollection::trigger() - CORE/Cake/Utility/ObjectCollection.php, line 128
HelperCollection::trigger() - CORE/Cake/View/HelperCollection.php, line 200
CakeEventManager::dispatch() - CORE/Cake/Event/CakeEventManager.php, line 243
View::render() - CORE/Cake/View/View.php, line 472
Controller::render() - CORE/Cake/Controller/Controller.php, line 963
ExceptionRenderer::_outputMessage() - CORE/Cake/Error/ExceptionRenderer.php, line 292
ExceptionRenderer::_outputMessage() - CORE/Cake/Error/ExceptionRenderer.php, line 300
ExceptionRenderer::_cakeError() - CORE/Cake/Error/ExceptionRenderer.php, line 213
ExceptionRenderer::render() - CORE/Cake/Error/ExceptionRenderer.php, line 190
ErrorHandler::handleException() - CORE/Cake/Error/ErrorHandler.php, line 127
[main] - [internal], line ??

Notice (8): compact() [function.compact]: Undefined variable: subject [CORE/Cake/Utility/ObjectCollection.php, line 128]
Code Context
        $result = null;
        foreach ($list as $name) {
            $result = call_user_func_array(array($this->_loaded[$name], $callback), compact('subject') + $params);
$callback = 'beforeRenderFile'
$params = array(
	(int) 0 => '/home/customer/www/aglatax.com/public_html/app/View/Errors/error500.ctp'
)
$options = array(
	'break' => false,
	'breakOn' => false,
	'collectReturn' => false,
	'modParams' => false
)
$event = object(CakeEvent) {
	data => array(
		(int) 0 => '/home/customer/www/aglatax.com/public_html/app/View/Errors/error500.ctp'
	)
	result => null
	omitSubject => true
	[protected] _name => 'View.beforeRenderFile'
	[protected] _subject => object(View) {}
	[protected] _stopped => false
}
$opt = 'modParams'
$parts = array(
	(int) 0 => 'View'
)
$collected = array()
$list = array(
	(int) 0 => 'Cache',
	(int) 1 => 'Html',
	(int) 2 => 'Form',
	(int) 3 => 'Session',
	(int) 4 => 'Flash'
)
$result = null
$name = 'Cache'
compact - [internal], line ??
ObjectCollection::trigger() - CORE/Cake/Utility/ObjectCollection.php, line 128
HelperCollection::trigger() - CORE/Cake/View/HelperCollection.php, line 200
CakeEventManager::dispatch() - CORE/Cake/Event/CakeEventManager.php, line 243
View::_render() - CORE/Cake/View/View.php, line 932
View::render() - CORE/Cake/View/View.php, line 473
Controller::render() - CORE/Cake/Controller/Controller.php, line 963
ExceptionRenderer::_outputMessage() - CORE/Cake/Error/ExceptionRenderer.php, line 292
ExceptionRenderer::_outputMessage() - CORE/Cake/Error/ExceptionRenderer.php, line 300
ExceptionRenderer::_cakeError() - CORE/Cake/Error/ExceptionRenderer.php, line 213
ExceptionRenderer::render() - CORE/Cake/Error/ExceptionRenderer.php, line 190
ErrorHandler::handleException() - CORE/Cake/Error/ErrorHandler.php, line 127
[main] - [internal], line ??

Notice (8): compact() [function.compact]: Undefined variable: subject [CORE/Cake/Utility/ObjectCollection.php, line 128]
Code Context
        $result = null;
        foreach ($list as $name) {
            $result = call_user_func_array(array($this->_loaded[$name], $callback), compact('subject') + $params);
$callback = 'beforeRenderFile'
$params = array(
	(int) 0 => '/home/customer/www/aglatax.com/public_html/app/View/Errors/error500.ctp'
)
$options = array(
	'break' => false,
	'breakOn' => false,
	'collectReturn' => false,
	'modParams' => false
)
$event = object(CakeEvent) {
	data => array(
		(int) 0 => '/home/customer/www/aglatax.com/public_html/app/View/Errors/error500.ctp'
	)
	result => null
	omitSubject => true
	[protected] _name => 'View.beforeRenderFile'
	[protected] _subject => object(View) {}
	[protected] _stopped => false
}
$opt = 'modParams'
$parts = array(
	(int) 0 => 'View'
)
$collected = array()
$list = array(
	(int) 0 => 'Cache',
	(int) 1 => 'Html',
	(int) 2 => 'Form',
	(int) 3 => 'Session',
	(int) 4 => 'Flash'
)
$result = null
$name = 'Html'
compact - [internal], line ??
ObjectCollection::trigger() - CORE/Cake/Utility/ObjectCollection.php, line 128
HelperCollection::trigger() - CORE/Cake/View/HelperCollection.php, line 200
CakeEventManager::dispatch() - CORE/Cake/Event/CakeEventManager.php, line 243
View::_render() - CORE/Cake/View/View.php, line 932
View::render() - CORE/Cake/View/View.php, line 473
Controller::render() - CORE/Cake/Controller/Controller.php, line 963
ExceptionRenderer::_outputMessage() - CORE/Cake/Error/ExceptionRenderer.php, line 292
ExceptionRenderer::_outputMessage() - CORE/Cake/Error/ExceptionRenderer.php, line 300
ExceptionRenderer::_cakeError() - CORE/Cake/Error/ExceptionRenderer.php, line 213
ExceptionRenderer::render() - CORE/Cake/Error/ExceptionRenderer.php, line 190
ErrorHandler::handleException() - CORE/Cake/Error/ErrorHandler.php, line 127
[main] - [internal], line ??

Notice (8): compact() [function.compact]: Undefined variable: subject [CORE/Cake/Utility/ObjectCollection.php, line 128]
Code Context
        $result = null;
        foreach ($list as $name) {
            $result = call_user_func_array(array($this->_loaded[$name], $callback), compact('subject') + $params);
$callback = 'beforeRenderFile'
$params = array(
	(int) 0 => '/home/customer/www/aglatax.com/public_html/app/View/Errors/error500.ctp'
)
$options = array(
	'break' => false,
	'breakOn' => false,
	'collectReturn' => false,
	'modParams' => false
)
$event = object(CakeEvent) {
	data => array(
		(int) 0 => '/home/customer/www/aglatax.com/public_html/app/View/Errors/error500.ctp'
	)
	result => null
	omitSubject => true
	[protected] _name => 'View.beforeRenderFile'
	[protected] _subject => object(View) {}
	[protected] _stopped => false
}
$opt = 'modParams'
$parts = array(
	(int) 0 => 'View'
)
$collected = array()
$list = array(
	(int) 0 => 'Cache',
	(int) 1 => 'Html',
	(int) 2 => 'Form',
	(int) 3 => 'Session',
	(int) 4 => 'Flash'
)
$result = null
$name = 'Form'
compact - [internal], line ??
ObjectCollection::trigger() - CORE/Cake/Utility/ObjectCollection.php, line 128
HelperCollection::trigger() - CORE/Cake/View/HelperCollection.php, line 200
CakeEventManager::dispatch() - CORE/Cake/Event/CakeEventManager.php, line 243
View::_render() - CORE/Cake/View/View.php, line 932
View::render() - CORE/Cake/View/View.php, line 473
Controller::render() - CORE/Cake/Controller/Controller.php, line 963
ExceptionRenderer::_outputMessage() - CORE/Cake/Error/ExceptionRenderer.php, line 292
ExceptionRenderer::_outputMessage() - CORE/Cake/Error/ExceptionRenderer.php, line 300
ExceptionRenderer::_cakeError() - CORE/Cake/Error/ExceptionRenderer.php, line 213
ExceptionRenderer::render() - CORE/Cake/Error/ExceptionRenderer.php, line 190
ErrorHandler::handleException() - CORE/Cake/Error/ErrorHandler.php, line 127
[main] - [internal], line ??

Notice (8): compact() [function.compact]: Undefined variable: subject [CORE/Cake/Utility/ObjectCollection.php, line 128]
Code Context
        $result = null;
        foreach ($list as $name) {
            $result = call_user_func_array(array($this->_loaded[$name], $callback), compact('subject') + $params);
$callback = 'beforeRenderFile'
$params = array(
	(int) 0 => '/home/customer/www/aglatax.com/public_html/app/View/Errors/error500.ctp'
)
$options = array(
	'break' => false,
	'breakOn' => false,
	'collectReturn' => false,
	'modParams' => false
)
$event = object(CakeEvent) {
	data => array(
		(int) 0 => '/home/customer/www/aglatax.com/public_html/app/View/Errors/error500.ctp'
	)
	result => null
	omitSubject => true
	[protected] _name => 'View.beforeRenderFile'
	[protected] _subject => object(View) {}
	[protected] _stopped => false
}
$opt = 'modParams'
$parts = array(
	(int) 0 => 'View'
)
$collected = array()
$list = array(
	(int) 0 => 'Cache',
	(int) 1 => 'Html',
	(int) 2 => 'Form',
	(int) 3 => 'Session',
	(int) 4 => 'Flash'
)
$result = null
$name = 'Session'
compact - [internal], line ??
ObjectCollection::trigger() - CORE/Cake/Utility/ObjectCollection.php, line 128
HelperCollection::trigger() - CORE/Cake/View/HelperCollection.php, line 200
CakeEventManager::dispatch() - CORE/Cake/Event/CakeEventManager.php, line 243
View::_render() - CORE/Cake/View/View.php, line 932
View::render() - CORE/Cake/View/View.php, line 473
Controller::render() - CORE/Cake/Controller/Controller.php, line 963
ExceptionRenderer::_outputMessage() - CORE/Cake/Error/ExceptionRenderer.php, line 292
ExceptionRenderer::_outputMessage() - CORE/Cake/Error/ExceptionRenderer.php, line 300
ExceptionRenderer::_cakeError() - CORE/Cake/Error/ExceptionRenderer.php, line 213
ExceptionRenderer::render() - CORE/Cake/Error/ExceptionRenderer.php, line 190
ErrorHandler::handleException() - CORE/Cake/Error/ErrorHandler.php, line 127
[main] - [internal], line ??

Notice (8): compact() [function.compact]: Undefined variable: subject [CORE/Cake/Utility/ObjectCollection.php, line 128]
Code Context
        $result = null;
        foreach ($list as $name) {
            $result = call_user_func_array(array($this->_loaded[$name], $callback), compact('subject') + $params);
$callback = 'beforeRenderFile'
$params = array(
	(int) 0 => '/home/customer/www/aglatax.com/public_html/app/View/Errors/error500.ctp'
)
$options = array(
	'break' => false,
	'breakOn' => false,
	'collectReturn' => false,
	'modParams' => false
)
$event = object(CakeEvent) {
	data => array(
		(int) 0 => '/home/customer/www/aglatax.com/public_html/app/View/Errors/error500.ctp'
	)
	result => null
	omitSubject => true
	[protected] _name => 'View.beforeRenderFile'
	[protected] _subject => object(View) {}
	[protected] _stopped => false
}
$opt = 'modParams'
$parts = array(
	(int) 0 => 'View'
)
$collected = array()
$list = array(
	(int) 0 => 'Cache',
	(int) 1 => 'Html',
	(int) 2 => 'Form',
	(int) 3 => 'Session',
	(int) 4 => 'Flash'
)
$result = null
$name = 'Flash'
compact - [internal], line ??
ObjectCollection::trigger() - CORE/Cake/Utility/ObjectCollection.php, line 128
HelperCollection::trigger() - CORE/Cake/View/HelperCollection.php, line 200
CakeEventManager::dispatch() - CORE/Cake/Event/CakeEventManager.php, line 243
View::_render() - CORE/Cake/View/View.php, line 932
View::render() - CORE/Cake/View/View.php, line 473
Controller::render() - CORE/Cake/Controller/Controller.php, line 963
ExceptionRenderer::_outputMessage() - CORE/Cake/Error/ExceptionRenderer.php, line 292
ExceptionRenderer::_outputMessage() - CORE/Cake/Error/ExceptionRenderer.php, line 300
ExceptionRenderer::_cakeError() - CORE/Cake/Error/ExceptionRenderer.php, line 213
ExceptionRenderer::render() - CORE/Cake/Error/ExceptionRenderer.php, line 190
ErrorHandler::handleException() - CORE/Cake/Error/ErrorHandler.php, line 127
[main] - [internal], line ??

Notice (8): compact() [function.compact]: Undefined variable: subject [CORE/Cake/Utility/ObjectCollection.php, line 128]
Code Context
        $result = null;
        foreach ($list as $name) {
            $result = call_user_func_array(array($this->_loaded[$name], $callback), compact('subject') + $params);
$callback = 'afterRenderFile'
$params = array(
	(int) 0 => '/home/customer/www/aglatax.com/public_html/app/View/Errors/error500.ctp',
	(int) 1 => '<h2>Unable to configure the session, setting session.use_trans_sid failed.</h2>
<p class="error">
	<strong>Error: </strong>
	An Internal Error Has Occurred.</p>
<pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr5e8013a40b181-trace').style.display = (document.getElementById('cakeErr5e8013a40b181-trace').style.display == 'none' ? '' : 'none');"><b>Notice</b> (8)</a>: compact() [<a href='http://php.net/function.compact'>function.compact</a>]: Undefined variable: subject [<b>CORE/Cake/Utility/ObjectCollection.php</b>, line <b>128</b>]<div id="cakeErr5e8013a40b181-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr5e8013a40b181-code').style.display = (document.getElementById('cakeErr5e8013a40b181-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr5e8013a40b181-context').style.display = (document.getElementById('cakeErr5e8013a40b181-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr5e8013a40b181-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$result&nbsp;</span><span style="color: #007700">=&nbsp;</span><span style="color: #0000BB">null</span><span style="color: #007700">;</span></span></code>
<code><span style="color: #000000"><span style="color: #0000BB">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span><span style="color: #007700">foreach&nbsp;(</span><span style="color: #0000BB">$list&nbsp;</span><span style="color: #007700">as&nbsp;</span><span style="color: #0000BB">$name</span><span style="color: #007700">)&nbsp;{</span></span></code>
<span class="code-highlight"><code><span style="color: #000000"><span style="color: #0000BB">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$result&nbsp;</span><span style="color: #007700">=&nbsp;</span><span style="color: #0000BB">call_user_func_array</span><span style="color: #007700">(array(</span><span style="color: #0000BB">$this</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">_loaded</span><span style="color: #007700">[</span><span style="color: #0000BB">$name</span><span style="color: #007700">],&nbsp;</span><span style="color: #0000BB">$callback</span><span style="color: #007700">),&nbsp;</span><span style="color: #0000BB">compact</span><span style="color: #007700">(</span><span style="color: #DD0000">'subject'</span><span style="color: #007700">)&nbsp;+&nbsp;</span><span style="color: #0000BB">$params</span><span style="color: #007700">);</span></span></code></span></pre><pre id="cakeErr5e8013a40b181-context" class="cake-context" style="display: none;">$callback = &#039;beforeRenderFile&#039;
$params = array(
	(int) 0 =&gt; &#039;/home/customer/www/aglatax.com/public_html/lib/Cake/View/Elements/exception_stack_trace.ctp&#039;
)
$options = array(
	&#039;break&#039; =&gt; false,
	&#039;breakOn&#039; =&gt; false,
	&#039;collectReturn&#039; =&gt; false,
	&#039;modParams&#039; =&gt; false
)
$event = object(CakeEvent) {
	data =&gt; array(
		(int) 0 =&gt; &#039;/home/customer/www/aglatax.com/public_html/lib/Cake/View/Elements/exception_stack_trace.ctp&#039;
	)
	result =&gt; null
	omitSubject =&gt; true
	[protected] _name =&gt; &#039;View.beforeRenderFile&#039;
	[protected] _subject =&gt; object(View) {}
	[protected] _stopped =&gt; false
}
$opt = &#039;modParams&#039;
$parts = array(
	(int) 0 =&gt; &#039;View&#039;
)
$collected = array()
$list = array(
	(int) 0 =&gt; &#039;Cache&#039;,
	(int) 1 =&gt; &#039;Html&#039;,
	(int) 2 =&gt; &#039;Form&#039;,
	(int) 3 =&gt; &#039;Session&#039;,
	(int) 4 =&gt; &#039;Flash&#039;
)
$result = null
$name = &#039;Cache&#039;</pre><pre class="stack-trace">compact - [internal], line ??
ObjectCollection::trigger() - CORE/Cake/Utility/ObjectCollection.php, line 128
HelperCollection::trigger() - CORE/Cake/View/HelperCollection.php, line 200
CakeEventManager::dispatch() - CORE/Cake/Event/CakeEventManager.php, line 243
View::_render() - CORE/Cake/View/View.php, line 932
View::_renderElement() - CORE/Cake/View/View.php, line 1224
View::element() - CORE/Cake/View/View.php, line 418
include - APP/View/Errors/error500.ctp, line 24
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::render() - CORE/Cake/View/View.php, line 473
Controller::render() - CORE/Cake/Controller/Controller.php, line 963
ExceptionRenderer::_outputMessage() - CORE/Cake/Error/ExceptionRenderer.php, line 292
ExceptionRenderer::_outputMessage() - CORE/Cake/Error/ExceptionRenderer.php, line 300
ExceptionRenderer::_cakeError() - CORE/Cake/Error/ExceptionRenderer.php, line 213
ExceptionRenderer::render() - CORE/Cake/Error/ExceptionRenderer.php, line 190
ErrorHandler::handleException() - CORE/Cake/Error/ErrorHandler.php, line 127
[main] - [internal], line ??</pre></div></pre><pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr5e8013a40b326-trace').style.display = (document.getElementById('cakeErr5e8013a40b326-trace').style.display == 'none' ? '' : 'none');"><b>Notice</b> (8)</a>: compact() [<a href='http://php.net/function.compact'>function.compact</a>]: Undefined variable: subject [<b>CORE/Cake/Utility/ObjectCollection.php</b>, line <b>128</b>]<div id="cakeErr5e8013a40b326-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr5e8013a40b326-code').style.display = (document.getElementById('cakeErr5e8013a40b326-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr5e8013a40b326-context').style.display = (document.getElementById('cakeErr5e8013a40b326-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr5e8013a40b326-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$result&nbsp;</span><span style="color: #007700">=&nbsp;</span><span style="color: #0000BB">null</span><span style="color: #007700">;</span></span></code>
<code><span style="color: #000000"><span style="color: #0000BB">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span><span style="color: #007700">foreach&nbsp;(</span><span style="color: #0000BB">$list&nbsp;</span><span style="color: #007700">as&nbsp;</span><span style="color: #0000BB">$name</span><span style="color: #007700">)&nbsp;{</span></span></code>
<span class="code-highlight"><code><span style="color: #000000"><span style="color: #0000BB">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$result&nbsp;</span><span style="color: #007700">=&nbsp;</span><span style="color: #0000BB">call_user_func_array</span><span style="color: #007700">(array(</span><span style="color: #0000BB">$this</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">_loaded</span><span style="color: #007700">[</span><span style="color: #0000BB">$name</span><span style="color: #007700">],&nbsp;</span><span style="color: #0000BB">$callback</span><span style="color: #007700">),&nbsp;</span><span style="color: #0000BB">compact</span><span style="color: #007700">(</span><span style="color: #DD0000">'subject'</span><span style="color: #007700">)&nbsp;+&nbsp;</span><span style="color: #0000BB">$params</span><span style="color: #007700">);</span></span></code></span></pre><pre id="cakeErr5e8013a40b326-context" class="cake-context" style="display: none;">$callback = &#039;beforeRenderFile&#039;
$params = array(
	(int) 0 =&gt; &#039;/home/customer/www/aglatax.com/public_html/lib/Cake/View/Elements/exception_stack_trace.ctp&#039;
)
$options = array(
	&#039;break&#039; =&gt; false,
	&#039;breakOn&#039; =&gt; false,
	&#039;collectReturn&#039; =&gt; false,
	&#039;modParams&#039; =&gt; false
)
$event = object(CakeEvent) {
	data =&gt; array(
		(int) 0 =&gt; &#039;/home/customer/www/aglatax.com/public_html/lib/Cake/View/Elements/exception_stack_trace.ctp&#039;
	)
	result =&gt; null
	omitSubject =&gt; true
	[protected] _name =&gt; &#039;View.beforeRenderFile&#039;
	[protected] _subject =&gt; object(View) {}
	[protected] _stopped =&gt; false
}
$opt = &#039;modParams&#039;
$parts = array(
	(int) 0 =&gt; &#039;View&#039;
)
$collected = array()
$list = array(
	(int) 0 =&gt; &#039;Cache&#039;,
	(int) 1 =&gt; &#039;Html&#039;,
	(int) 2 =&gt; &#039;Form&#039;,
	(int) 3 =&gt; &#039;Session&#039;,
	(int) 4 =&gt; &#039;Flash&#039;
)
$result = null
$name = &#039;Html&#039;</pre><pre class="stack-trace">compact - [internal], line ??
ObjectCollection::trigger() - CORE/Cake/Utility/ObjectCollection.php, line 128
HelperCollection::trigger() - CORE/Cake/View/HelperCollection.php, line 200
CakeEventManager::dispatch() - CORE/Cake/Event/CakeEventManager.php, line 243
View::_render() - CORE/Cake/View/View.php, line 932
View::_renderElement() - CORE/Cake/View/View.php, line 1224
View::element() - CORE/Cake/View/View.php, line 418
include - APP/View/Errors/error500.ctp, line 24
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::render() - CORE/Cake/View/View.php, line 473
Controller::render() - CORE/Cake/Controller/Controller.php, line 963
ExceptionRenderer::_outputMessage() - CORE/Cake/Error/ExceptionRenderer.php, line 292
ExceptionRenderer::_outputMessage() - CORE/Cake/Error/ExceptionRenderer.php, line 300
ExceptionRenderer::_cakeError() - CORE/Cake/Error/ExceptionRenderer.php, line 213
ExceptionRenderer::render() - CORE/Cake/Error/ExceptionRenderer.php, line 190
ErrorHandler::handleException() - CORE/Cake/Error/ErrorHandler.php, line 127
[main] - [internal], line ??</pre></div></pre><pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr5e8013a40b4ca-trace').style.display = (document.getElementById('cakeErr5e8013a40b4ca-trace').style.display == 'none' ? '' : 'none');"><b>Notice</b> (8)</a>: compact() [<a href='http://php.net/function.compact'>function.compact</a>]: Undefined variable: subject [<b>CORE/Cake/Utility/ObjectCollection.php</b>, line <b>128</b>]<div id="cakeErr5e8013a40b4ca-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr5e8013a40b4ca-code').style.display = (document.getElementById('cakeErr5e8013a40b4ca-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr5e8013a40b4ca-context').style.display = (document.getElementById('cakeErr5e8013a40b4ca-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr5e8013a40b4ca-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$result&nbsp;</span><span style="color: #007700">=&nbsp;</span><span style="color: #0000BB">null</span><span style="color: #007700">;</span></span></code>
<code><span style="color: #000000"><span style="color: #0000BB">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span><span style="color: #007700">foreach&nbsp;(</span><span style="color: #0000BB">$list&nbsp;</span><span style="color: #007700">as&nbsp;</span><span style="color: #0000BB">$name</span><span style="color: #007700">)&nbsp;{</span></span></code>
<span class="code-highlight"><code><span style="color: #000000"><span style="color: #0000BB">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$result&nbsp;</span><span style="color: #007700">=&nbsp;</span><span style="color: #0000BB">call_user_func_array</span><span style="color: #007700">(array(</span><span style="color: #0000BB">$this</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">_loaded</span><span style="color: #007700">[</span><span style="color: #0000BB">$name</span><span style="color: #007700">],&nbsp;</span><span style="color: #0000BB">$callback</span><span style="color: #007700">),&nbsp;</span><span style="color: #0000BB">compact</span><span style="color: #007700">(</span><span style="color: #DD0000">'subject'</span><span style="color: #007700">)&nbsp;+&nbsp;</span><span style="color: #0000BB">$params</span><span style="color: #007700">);</span></span></code></span></pre><pre id="cakeErr5e8013a40b4ca-context" class="cake-context" style="display: none;">$callback = &#039;beforeRenderFile&#039;
$params = array(
	(int) 0 =&gt; &#039;/home/customer/www/aglatax.com/public_html/lib/Cake/View/Elements/exception_stack_trace.ctp&#039;
)
$options = array(
	&#039;break&#039; =&gt; false,
	&#039;breakOn&#039; =&gt; false,
	&#039;collectReturn&#039; =&gt; false,
	&#039;modParams&#039; =&gt; false
)
$event = object(CakeEvent) {
	data =&gt; array(
		(int) 0 =&gt; &#039;/home/customer/www/aglatax.com/public_html/lib/Cake/View/Elements/exception_stack_trace.ctp&#039;
	)
	result =&gt; null
	omitSubject =&gt; true
	[protected] _name =&gt; &#039;View.beforeRenderFile&#039;
	[protected] _subject =&gt; object(View) {}
	[protected] _stopped =&gt; false
}
$opt = &#039;modParams&#039;
$parts = array(
	(int) 0 =&gt; &#039;View&#039;
)
$collected = array()
$list = array(
	(int) 0 =&gt; &#039;Cache&#039;,
	(int) 1 =&gt; &#039;Html&#039;,
	(int) 2 =&gt; &#039;Form&#039;,
	(int) 3 =&gt; &#039;Session&#039;,
	(int) 4 =&gt; &#039;Flash&#039;
)
$result = null
$name = &#039;Form&#039;</pre><pre class="stack-trace">compact - [internal], line ??
ObjectCollection::trigger() - CORE/Cake/Utility/ObjectCollection.php, line 128
HelperCollection::trigger() - CORE/Cake/View/HelperCollection.php, line 200
CakeEventManager::dispatch() - CORE/Cake/Event/CakeEventManager.php, line 243
View::_render() - CORE/Cake/View/View.php, line 932
View::_renderElement() - CORE/Cake/View/View.php, line 1224
View::element() - CORE/Cake/View/View.php, line 418
include - APP/View/Errors/error500.ctp, line 24
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::render() - CORE/Cake/View/View.php, line 473
Controller::render() - CORE/Cake/Controller/Controller.php, line 963
ExceptionRenderer::_outputMessage() - CORE/Cake/Error/ExceptionRenderer.php, line 292
ExceptionRenderer::_outputMessage() - CORE/Cake/Error/ExceptionRenderer.php, line 300
ExceptionRenderer::_cakeError() - CORE/Cake/Error/ExceptionRenderer.php, line 213
ExceptionRenderer::render() - CORE/Cake/Error/ExceptionRenderer.php, line 190
ErrorHandler::handleException() - CORE/Cake/Error/ErrorHandler.php, line 127
[main] - [internal], line ??</pre></div></pre><pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr5e8013a40b672-trace').style.display = (document.getElementById('cakeErr5e8013a40b672-trace').style.display == 'none' ? '' : 'none');"><b>Notice</b> (8)</a>: compact() [<a href='http://php.net/function.compact'>function.compact</a>]: Undefined variable: subject [<b>CORE/Cake/Utility/ObjectCollection.php</b>, line <b>128</b>]<div id="cakeErr5e8013a40b672-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr5e8013a40b672-code').style.display = (document.getElementById('cakeErr5e8013a40b672-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr5e8013a40b672-context').style.display = (document.getElementById('cakeErr5e8013a40b672-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr5e8013a40b672-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$result&nbsp;</span><span style="color: #007700">=&nbsp;</span><span style="color: #0000BB">null</span><span style="color: #007700">;</span></span></code>
<code><span style="color: #000000"><span style="color: #0000BB">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span><span style="color: #007700">foreach&nbsp;(</span><span style="color: #0000BB">$list&nbsp;</span><span style="color: #007700">as&nbsp;</span><span style="color: #0000BB">$name</span><span style="color: #007700">)&nbsp;{</span></span></code>
<span class="code-highlight"><code><span style="color: #000000"><span style="color: #0000BB">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$result&nbsp;</span><span style="color: #007700">=&nbsp;</span><span style="color: #0000BB">call_user_func_array</span><span style="color: #007700">(array(</span><span style="color: #0000BB">$this</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">_loaded</span><span style="color: #007700">[</span><span style="color: #0000BB">$name</span><span style="color: #007700">],&nbsp;</span><span style="color: #0000BB">$callback</span><span style="color: #007700">),&nbsp;</span><span style="color: #0000BB">compact</span><span style="color: #007700">(</span><span style="color: #DD0000">'subject'</span><span style="color: #007700">)&nbsp;+&nbsp;</span><span style="color: #0000BB">$params</span><span style="color: #007700">);</span></span></code></span></pre><pre id="cakeErr5e8013a40b672-context" class="cake-context" style="display: none;">$callback = &#039;beforeRenderFile&#039;
$params = array(
	(int) 0 =&gt; &#039;/home/customer/www/aglatax.com/public_html/lib/Cake/View/Elements/exception_stack_trace.ctp&#039;
)
$options = array(
	&#039;break&#039; =&gt; false,
	&#039;breakOn&#039; =&gt; false,
	&#039;collectReturn&#039; =&gt; false,
	&#039;modParams&#039; =&gt; false
)
$event = object(CakeEvent) {
	data =&gt; array(
		(int) 0 =&gt; &#039;/home/customer/www/aglatax.com/public_html/lib/Cake/View/Elements/exception_stack_trace.ctp&#039;
	)
	result =&gt; null
	omitSubject =&gt; true
	[protected] _name =&gt; &#039;View.beforeRenderFile&#039;
	[protected] _subject =&gt; object(View) {}
	[protected] _stopped =&gt; false
}
$opt = &#039;modParams&#039;
$parts = array(
	(int) 0 =&gt; &#039;View&#039;
)
$collected = array()
$list = array(
	(int) 0 =&gt; &#039;Cache&#039;,
	(int) 1 =&gt; &#039;Html&#039;,
	(int) 2 =&gt; &#039;Form&#039;,
	(int) 3 =&gt; &#039;Session&#039;,
	(int) 4 =&gt; &#039;Flash&#039;
)
$result = null
$name = &#039;Session&#039;</pre><pre class="stack-trace">compact - [internal], line ??
ObjectCollection::trigger() - CORE/Cake/Utility/ObjectCollection.php, line 128
HelperCollection::trigger() - CORE/Cake/View/HelperCollection.php, line 200
CakeEventManager::dispatch() - CORE/Cake/Event/CakeEventManager.php, line 243
View::_render() - CORE/Cake/View/View.php, line 932
View::_renderElement() - CORE/Cake/View/View.php, line 1224
View::element() - CORE/Cake/View/View.php, line 418
include - APP/View/Errors/error500.ctp, line 24
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::render() - CORE/Cake/View/View.php, line 473
Controller::render() - CORE/Cake/Controller/Controller.php, line 963
ExceptionRenderer::_outputMessage() - CORE/Cake/Error/ExceptionRenderer.php, line 292
ExceptionRenderer::_outputMessage() - CORE/Cake/Error/ExceptionRenderer.php, line 300
ExceptionRenderer::_cakeError() - CORE/Cake/Error/ExceptionRenderer.php, line 213
ExceptionRenderer::render() - CORE/Cake/Error/ExceptionRenderer.php, line 190
ErrorHandler::handleException() - CORE/Cake/Error/ErrorHandler.php, line 127
[main] - [internal], line ??</pre></div></pre><pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr5e8013a40b815-trace').style.display = (document.getElementById('cakeErr5e8013a40b815-trace').style.display == 'none' ? '' : 'none');"><b>Notice</b> (8)</a>: compact() [<a href='http://php.net/function.compact'>function.compact</a>]: Undefined variable: subject [<b>CORE/Cake/Utility/ObjectCollection.php</b>, line <b>128</b>]<div id="cakeErr5e8013a40b815-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr5e8013a40b815-code').style.display = (document.getElementById('cakeErr5e8013a40b815-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr5e8013a40b815-context').style.display = (document.getElementById('cakeErr5e8013a40b815-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr5e8013a40b815-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$result&nbsp;</span><span style="color: #007700">=&nbsp;</span><span style="color: #0000BB">null</span><span style="color: #007700">;</span></span></code>
<code><span style="color: #000000"><span style="color: #0000BB">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span><span style="color: #007700">foreach&nbsp;(</span><span style="color: #0000BB">$list&nbsp;</span><span style="color: #007700">as&nbsp;</span><span style="color: #0000BB">$name</span><span style="color: #007700">)&nbsp;{</span></span></code>
<span class="code-highlight"><code><span style="color: #000000"><span style="color: #0000BB">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$result&nbsp;</span><span style="color: #007700">=&nbsp;</span><span style="color: #0000BB">call_user_func_array</span><span style="color: #007700">(array(</span><span style="color: #0000BB">$this</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">_loaded</span><span style="color: #007700">[</span><span style="color: #0000BB">$name</span><span style="color: #007700">],&nbsp;</span><span style="color: #0000BB">$callback</span><span style="color: #007700">),&nbsp;</span><span style="color: #0000BB">compact</span><span style="color: #007700">(</span><span style="color: #DD0000">'subject'</span><span style="color: #007700">)&nbsp;+&nbsp;</span><span style="color: #0000BB">$params</span><span style="color: #007700">);</span></span></code></span></pre><pre id="cakeErr5e8013a40b815-context" class="cake-context" style="display: none;">$callback = &#039;beforeRenderFile&#039;
$params = array(
	(int) 0 =&gt; &#039;/home/customer/www/aglatax.com/public_html/lib/Cake/View/Elements/exception_stack_trace.ctp&#039;
)
$options = array(
	&#039;break&#039; =&gt; false,
	&#039;breakOn&#039; =&gt; false,
	&#039;collectReturn&#039; =&gt; false,
	&#039;modParams&#039; =&gt; false
)
$event = object(CakeEvent) {
	data =&gt; array(
		(int) 0 =&gt; &#039;/home/customer/www/aglatax.com/public_html/lib/Cake/View/Elements/exception_stack_trace.ctp&#039;
	)
	result =&gt; null
	omitSubject =&gt; true
	[protected] _name =&gt; &#039;View.beforeRenderFile&#039;
	[protected] _subject =&gt; object(View) {}
	[protected] _stopped =&gt; false
}
$opt = &#039;modParams&#039;
$parts = array(
	(int) 0 =&gt; &#039;View&#039;
)
$collected = array()
$list = array(
	(int) 0 =&gt; &#039;Cache&#039;,
	(int) 1 =&gt; &#039;Html&#039;,
	(int) 2 =&gt; &#039;Form&#039;,
	(int) 3 =&gt; &#039;Session&#039;,
	(int) 4 =&gt; &#039;Flash&#039;
)
$result = null
$name = &#039;Flash&#039;</pre><pre class="stack-trace">compact - [internal], line ??
ObjectCollection::trigger() - CORE/Cake/Utility/ObjectCollection.php, line 128
HelperCollection::trigger() - CORE/Cake/View/HelperCollection.php, line 200
CakeEventManager::dispatch() - CORE/Cake/Event/CakeEventManager.php, line 243
View::_render() - CORE/Cake/View/View.php, line 932
View::_renderElement() - CORE/Cake/View/View.php, line 1224
View::element() - CORE/Cake/View/View.php, line 418
include - APP/View/Errors/error500.ctp, line 24
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::render() - CORE/Cake/View/View.php, line 473
Controller::render() - CORE/Cake/Controller/Controller.php, line 963
ExceptionRenderer::_outputMessage() - CORE/Cake/Error/ExceptionRenderer.php, line 292
ExceptionRenderer::_outputMessage() - CORE/Cake/Error/ExceptionRenderer.php, line 300
ExceptionRenderer::_cakeError() - CORE/Cake/Error/ExceptionRenderer.php, line 213
ExceptionRenderer::render() - CORE/Cake/Error/ExceptionRenderer.php, line 190
ErrorHandler::handleException() - CORE/Cake/Error/ErrorHandler.php, line 127
[main] - [internal], line ??</pre></div></pre><pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr5e8013a40d74c-trace').style.display = (document.getElementById('cakeErr5e8013a40d74c-trace').style.display == 'none' ? '' : 'none');"><b>Notice</b> (8)</a>: compact() [<a href='http://php.net/function.compact'>function.compact</a>]: Undefined variable: subject [<b>CORE/Cake/Utility/ObjectCollection.php</b>, line <b>128</b>]<div id="cakeErr5e8013a40d74c-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr5e8013a40d74c-code').style.display = (document.getElementById('cakeErr5e8013a40d74c-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr5e8013a40d74c-context').style.display = (document.getElementById('cakeErr5e8013a40d74c-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr5e8013a40d74c-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$result&nbsp;</span><span style="color: #007700">=&nbsp;</span><span style="color: #0000BB">null</span><span style="color: #007700">;</span></span></code>
<code><span style="color: #000000"><span style="color: #0000BB">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span><span style="color: #007700">foreach&nbsp;(</span><span style="color: #0000BB">$list&nbsp;</span><span style="color: #007700">as&nbsp;</span><span style="color: #0000BB">$name</span><span style="color: #007700">)&nbsp;{</span></span></code>
<span class="code-highlight"><code><span style="color: #000000"><span style="color: #0000BB">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$result&nbsp;</span><span style="color: #007700">=&nbsp;</span><span style="color: #0000BB">call_user_func_array</span><span style="color: #007700">(array(</span><span style="color: #0000BB">$this</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">_loaded</span><span style="color: #007700">[</span><span style="color: #0000BB">$name</span><span style="color: #007700">],&nbsp;</span><span style="color: #0000BB">$callback</span><span style="color: #007700">),&nbsp;</span><span style="color: #0000BB">compact</span><span style="color: #007700">(</span><span style="color: #DD0000">'subject'</span><span style="color: #007700">)&nbsp;+&nbsp;</span><span style="color: #0000BB">$params</span><span style="color: #007700">);</span></span></code></span></pre><pre id="cakeErr5e8013a40d74c-context" class="cake-context" style="display: none;">$callback = &#039;afterRenderFile&#039;
$params = array(
	(int) 0 =&gt; &#039;/home/customer/www/aglatax.com/public_html/lib/Cake/View/Elements/exception_stack_trace.ctp&#039;,
	(int) 1 =&gt; &#039;&lt;h3&gt;Stack Trace&lt;/h3&gt;
&lt;ul class=&quot;cake-stack-trace&quot;&gt;
	&lt;li&gt;&lt;a href=&quot;#&quot; onclick=&quot;traceToggle(event, &#039;file-excerpt-0&#039;)&quot;&gt;CORE/Cake/Model/Datasource/CakeSession.php line 588&lt;/a&gt; &amp;rarr; &lt;a href=&quot;#&quot; onclick=&quot;traceToggle(event, &#039;trace-args-0&#039;)&quot;&gt;CakeSession::_configureSession()&lt;/a&gt; &lt;div id=&quot;file-excerpt-0&quot; class=&quot;cake-code-dump&quot; style=&quot;display:none;&quot;&gt;&lt;pre&gt;&lt;code&gt;&lt;span style=&quot;color: #000000&quot;&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;}&lt;/span&gt;&lt;/span&gt;&lt;/code&gt;
&lt;code&gt;&lt;span style=&quot;color: #000000&quot;&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;&lt;/span&gt;&lt;/span&gt;&lt;/code&gt;
&lt;code&gt;&lt;span style=&quot;color: #000000&quot;&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;static::&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;init&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;();&lt;/span&gt;&lt;/span&gt;&lt;/code&gt;
&lt;span class=&quot;code-highlight&quot;&gt;&lt;code&gt;&lt;span style=&quot;color: #000000&quot;&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;static::&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;_configureSession&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;();&lt;/span&gt;&lt;/span&gt;&lt;/code&gt;&lt;/span&gt;
&lt;code&gt;&lt;span style=&quot;color: #000000&quot;&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;&lt;/span&gt;&lt;/span&gt;&lt;/code&gt;&lt;/pre&gt;&lt;/div&gt; &lt;div id=&quot;trace-args-0&quot; class=&quot;cake-code-dump&quot; style=&quot;display: none;&quot;&gt;&lt;pre&gt;&lt;/pre&gt;&lt;/div&gt;&lt;/li&gt;
	&lt;li&gt;&lt;a href=&quot;#&quot; onclick=&quot;traceToggle(event, &#039;file-excerpt-1&#039;)&quot;&gt;CORE/Cake/Model/Datasource/CakeSession.php line 599&lt;/a&gt; &amp;rarr; &lt;a href=&quot;#&quot; onclick=&quot;traceToggle(event, &#039;trace-args-1&#039;)&quot;&gt;CakeSession::_cookieName()&lt;/a&gt; &lt;div id=&quot;file-excerpt-1&quot; class=&quot;cake-code-dump&quot; style=&quot;display:none;&quot;&gt;&lt;pre&gt;&lt;code&gt;&lt;span style=&quot;color: #000000&quot;&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;*&amp;nbsp;@return&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;bool&lt;/span&gt;&lt;/span&gt;&lt;/code&gt;
&lt;code&gt;&lt;span style=&quot;color: #000000&quot;&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;*/&lt;/span&gt;&lt;/span&gt;&lt;/code&gt;
&lt;code&gt;&lt;span style=&quot;color: #000000&quot;&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;protected&amp;nbsp;static&amp;nbsp;function&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;_hasSession&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;()&amp;nbsp;{&lt;/span&gt;&lt;/span&gt;&lt;/code&gt;
&lt;span class=&quot;code-highlight&quot;&gt;&lt;code&gt;&lt;span style=&quot;color: #000000&quot;&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;return&amp;nbsp;static::&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;started&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;()&amp;nbsp;||&amp;nbsp;isset(&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;$_COOKIE&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;[static::&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;_cookieName&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;()])&amp;nbsp;||&amp;nbsp;(&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;PHP_SAPI&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;===&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #DD0000&quot;&gt;&#039;cli&#039;&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;||&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;PHP_SAPI&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;===&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #DD0000&quot;&gt;&#039;phpdbg&#039;&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;);&lt;/span&gt;&lt;/span&gt;&lt;/code&gt;&lt;/span&gt;
&lt;code&gt;&lt;span style=&quot;color: #000000&quot;&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;}&lt;/span&gt;&lt;/span&gt;&lt;/code&gt;&lt;/pre&gt;&lt;/div&gt; &lt;div id=&quot;trace-args-1&quot; class=&quot;cake-code-dump&quot; style=&quot;display: none;&quot;&gt;&lt;pre&gt;&lt;/pre&gt;&lt;/div&gt;&lt;/li&gt;
	&lt;li&gt;&lt;a href=&quot;#&quot; onclick=&quot;traceToggle(event, &#039;file-excerpt-2&#039;)&quot;&gt;CORE/Cake/Model/Datasource/CakeSession.php line 233&lt;/a&gt; &amp;rarr; &lt;a href=&quot;#&quot; onclick=&quot;traceToggle(event, &#039;trace-args-2&#039;)&quot;&gt;CakeSession::_hasSession()&lt;/a&gt; &lt;div id=&quot;file-excerpt-2&quot; class=&quot;cake-code-dump&quot; style=&quot;display:none;&quot;&gt;&lt;pre&gt;&lt;code&gt;&lt;span style=&quot;color: #000000&quot;&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;*&amp;nbsp;@return&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;bool&amp;nbsp;True&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;if&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;variable&amp;nbsp;is&amp;nbsp;there&lt;/span&gt;&lt;/span&gt;&lt;/code&gt;
&lt;code&gt;&lt;span style=&quot;color: #000000&quot;&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;*/&lt;/span&gt;&lt;/span&gt;&lt;/code&gt;
&lt;code&gt;&lt;span style=&quot;color: #000000&quot;&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;public&amp;nbsp;static&amp;nbsp;function&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;check&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;(&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;$name&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;)&amp;nbsp;{&lt;/span&gt;&lt;/span&gt;&lt;/code&gt;
&lt;span class=&quot;code-highlight&quot;&gt;&lt;code&gt;&lt;span style=&quot;color: #000000&quot;&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;if&amp;nbsp;(!static::&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;_hasSession&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;()&amp;nbsp;||&amp;nbsp;!static::&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;start&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;())&amp;nbsp;{&lt;/span&gt;&lt;/span&gt;&lt;/code&gt;&lt;/span&gt;
&lt;code&gt;&lt;span style=&quot;color: #000000&quot;&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;return&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;false&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;;&lt;/span&gt;&lt;/span&gt;&lt;/code&gt;&lt;/pre&gt;&lt;/div&gt; &lt;div id=&quot;trace-args-2&quot; class=&quot;cake-code-dump&quot; style=&quot;display: none;&quot;&gt;&lt;pre&gt;&lt;/pre&gt;&lt;/div&gt;&lt;/li&gt;
	&lt;li&gt;&lt;a href=&quot;#&quot; onclick=&quot;traceToggle(event, &#039;file-excerpt-3&#039;)&quot;&gt;CORE/Cake/View/Helper/SessionHelper.php line 134&lt;/a&gt; &amp;rarr; &lt;a href=&quot;#&quot; onclick=&quot;traceToggle(event, &#039;trace-args-3&#039;)&quot;&gt;CakeSession::check(string)&lt;/a&gt; &lt;div id=&quot;file-excerpt-3&quot; class=&quot;cake-code-dump&quot; style=&quot;display:none;&quot;&gt;&lt;pre&gt;&lt;code&gt;&lt;span style=&quot;color: #000000&quot;&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;public&amp;nbsp;function&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;flash&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;(&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;$key&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;=&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #DD0000&quot;&gt;&#039;flash&#039;&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;,&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;$attrs&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;=&amp;nbsp;array())&amp;nbsp;{&lt;/span&gt;&lt;/span&gt;&lt;/code&gt;
&lt;code&gt;&lt;span style=&quot;color: #000000&quot;&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;$out&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;=&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;false&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;;&lt;/span&gt;&lt;/span&gt;&lt;/code&gt;
&lt;code&gt;&lt;span style=&quot;color: #000000&quot;&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;&lt;/span&gt;&lt;/span&gt;&lt;/code&gt;
&lt;span class=&quot;code-highlight&quot;&gt;&lt;code&gt;&lt;span style=&quot;color: #000000&quot;&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;if&amp;nbsp;(&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;CakeSession&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;::&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;check&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;(&lt;/span&gt;&lt;span style=&quot;color: #DD0000&quot;&gt;&#039;Message.&#039;&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;.&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;$key&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;))&amp;nbsp;{&lt;/span&gt;&lt;/span&gt;&lt;/code&gt;&lt;/span&gt;
&lt;code&gt;&lt;span style=&quot;color: #000000&quot;&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;$flash&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;=&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;CakeSession&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;::&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;read&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;(&lt;/span&gt;&lt;span style=&quot;color: #DD0000&quot;&gt;&#039;Message.&#039;&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;.&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;$key&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;);&lt;/span&gt;&lt;/span&gt;&lt;/code&gt;&lt;/pre&gt;&lt;/div&gt; &lt;div id=&quot;trace-args-3&quot; class=&quot;cake-code-dump&quot; style=&quot;display: none;&quot;&gt;&lt;pre&gt;&amp;#039;Message.flash&amp;#039;&lt;/pre&gt;&lt;/div&gt;&lt;/li&gt;
	&lt;li&gt;&lt;a href=&quot;#&quot; onclick=&quot;traceToggle(event, &#039;file-excerpt-4&#039;)&quot;&gt;APP/View/Layouts/default.ctp line 75&lt;/a&gt; &amp;rarr; &lt;a href=&quot;#&quot; onclick=&quot;traceToggle(event, &#039;trace-args-4&#039;)&quot;&gt;SessionHelper-&gt;flash()&lt;/a&gt; &lt;div id=&quot;file-excerpt-4&quot; class=&quot;cake-code-dump&quot; style=&quot;display:none;&quot;&gt;&lt;pre&gt;&lt;code&gt;&lt;span style=&quot;color: #000000&quot;&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;&amp;lt;&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;body&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;&amp;gt;&lt;/span&gt;&lt;/span&gt;&lt;/code&gt;
&lt;code&gt;&lt;span style=&quot;color: #000000&quot;&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;&amp;lt;&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;div&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;class=&lt;/span&gt;&lt;span style=&quot;color: #DD0000&quot;&gt;&quot;page&quot;&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;&amp;gt;&lt;/span&gt;&lt;/span&gt;&lt;/code&gt;
&lt;code&gt;&lt;span style=&quot;color: #000000&quot;&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;span style=&quot;color: #0000BB&quot;&gt;&amp;lt;?php&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;echo&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;$this&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;-&amp;gt;&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;element&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;(&lt;/span&gt;&lt;span style=&quot;color: #DD0000&quot;&gt;&#039;header&#039;&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;);&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;?&amp;gt;&lt;/span&gt;&lt;/span&gt;&lt;/code&gt;
&lt;span class=&quot;code-highlight&quot;&gt;&lt;code&gt;&lt;span style=&quot;color: #000000&quot;&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;lt;div&amp;nbsp;class=&quot;flash-message-custom&quot;&amp;gt;&amp;nbsp;&lt;span style=&quot;color: #0000BB&quot;&gt;&amp;lt;?php&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;echo&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;$this&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;-&amp;gt;&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;Session&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;-&amp;gt;&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;flash&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;();&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;?&amp;gt;&lt;/span&gt;&amp;nbsp;&amp;lt;/div&amp;gt;&lt;/span&gt;&lt;/code&gt;&lt;/span&gt;
&lt;code&gt;&lt;span style=&quot;color: #000000&quot;&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;span style=&quot;color: #0000BB&quot;&gt;&amp;lt;?php&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;echo&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;$this&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;-&amp;gt;&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;fetch&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;(&lt;/span&gt;&lt;span style=&quot;color: #DD0000&quot;&gt;&#039;content&#039;&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;);&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;?&amp;gt;&lt;/span&gt;&lt;/span&gt;&lt;/code&gt;&lt;/pre&gt;&lt;/div&gt; &lt;div id=&quot;trace-args-4&quot; class=&quot;cake-code-dump&quot; style=&quot;display: none;&quot;&gt;&lt;pre&gt;&lt;/pre&gt;&lt;/div&gt;&lt;/li&gt;
	&lt;li&gt;&lt;a href=&quot;#&quot; onclick=&quot;traceToggle(event, &#039;file-excerpt-5&#039;)&quot;&gt;CORE/Cake/View/View.php line 971&lt;/a&gt; &amp;rarr; &lt;a href=&quot;#&quot; onclick=&quot;traceToggle(event, &#039;trace-args-5&#039;)&quot;&gt;include(string)&lt;/a&gt; &lt;div id=&quot;file-excerpt-5&quot; class=&quot;cake-code-dump&quot; style=&quot;display:none;&quot;&gt;&lt;pre&gt;&lt;code&gt;&lt;span style=&quot;color: #000000&quot;&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;extract&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;(&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;$dataForView&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;);&lt;/span&gt;&lt;/span&gt;&lt;/code&gt;
&lt;code&gt;&lt;span style=&quot;color: #000000&quot;&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;ob_start&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;();&lt;/span&gt;&lt;/span&gt;&lt;/code&gt;
&lt;code&gt;&lt;span style=&quot;color: #000000&quot;&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;&lt;/span&gt;&lt;/span&gt;&lt;/code&gt;
&lt;span class=&quot;code-highlight&quot;&gt;&lt;code&gt;&lt;span style=&quot;color: #000000&quot;&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;include&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;$this&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;-&amp;gt;&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;__viewFile&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;;&lt;/span&gt;&lt;/span&gt;&lt;/code&gt;&lt;/span&gt;
&lt;code&gt;&lt;span style=&quot;color: #000000&quot;&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;&lt;/span&gt;&lt;/span&gt;&lt;/code&gt;&lt;/pre&gt;&lt;/div&gt; &lt;div id=&quot;trace-args-5&quot; class=&quot;cake-code-dump&quot; style=&quot;display: none;&quot;&gt;&lt;pre&gt;&amp;#039;/home/customer/www/aglatax.com/public_html/app/View/Layouts/default.ctp&amp;#039;&lt;/pre&gt;&lt;/div&gt;&lt;/li&gt;
	&lt;li&gt;&lt;a href=&quot;#&quot; onclick=&quot;traceToggle(event, &#039;file-excerpt-6&#039;)&quot;&gt;CORE/Cake/View/View.php line 933&lt;/a&gt; &amp;rarr; &lt;a href=&quot;#&quot; onclick=&quot;traceToggle(event, &#039;trace-args-6&#039;)&quot;&gt;View-&gt;_evaluate(string, array)&lt;/a&gt; &lt;div id=&quot;file-excerpt-6&quot; class=&quot;cake-code-dump&quot; style=&quot;display:none;&quot;&gt;&lt;pre&gt;&lt;code&gt;&lt;span style=&quot;color: #000000&quot;&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;$beforeEvent&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;=&amp;nbsp;new&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;CakeEvent&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;(&lt;/span&gt;&lt;span style=&quot;color: #DD0000&quot;&gt;&#039;View.beforeRenderFile&#039;&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;,&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;$this&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;,&amp;nbsp;array(&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;$viewFile&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;));&lt;/span&gt;&lt;/span&gt;&lt;/code&gt;
&lt;code&gt;&lt;span style=&quot;color: #000000&quot;&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;&lt;/span&gt;&lt;/span&gt;&lt;/code&gt;
&lt;code&gt;&lt;span style=&quot;color: #000000&quot;&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;$eventManager&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;-&amp;gt;&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;dispatch&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;(&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;$beforeEvent&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;);&lt;/span&gt;&lt;/span&gt;&lt;/code&gt;
&lt;span class=&quot;code-highlight&quot;&gt;&lt;code&gt;&lt;span style=&quot;color: #000000&quot;&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;$content&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;=&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;$this&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;-&amp;gt;&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;_evaluate&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;(&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;$viewFile&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;,&amp;nbsp;&lt;/span&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;$data&lt;/span&gt;&lt;span style=&quot;color: #007700&quot;&gt;);&lt;/span&gt;&lt;/span&gt;&lt;/code&gt;&lt;/span&gt;
&lt;code&gt;&lt;span style=&quot;color: #000000&quot;&gt;&lt;span style=&quot;color: #0000BB&quot;&gt;&lt;/span&gt;&lt;/span&gt;&lt;/code&gt;&lt;/pre&gt;&lt;/div&gt; &lt;div id=&quot;trace-args-6&quot; class=&quot;cake-code-dump&quot; style=&quot;display: none;&quot;&gt;&lt;pre&gt;&amp;#039;/home/customer/www/aglatax.com/public_html/app/View/Layouts/default.ctp&amp;#039;
array(
	&amp;#039;head_keywords&amp;#039; =&amp;gt; &amp;#039;Investment Schemes, SEBI&amp;#039;,
	&amp;#039;head_description&amp;#039; =&amp;gt; &amp;#039;What is Collective Investment Schemes?. Details for arrangements do not constitute a collective investment scheme. Process of Collective Investment Schemes.&amp;#039;,
	&amp;#039;categoryDataFirst&amp;#039; =&amp;gt; array(
		&amp;#039;Category&amp;#039; =&amp;gt; array(
			&amp;#039;id&amp;#039; =&amp;gt; &amp;#039;11&amp;#039;,
			&amp;#039;name&amp;#039; =&amp;gt; &amp;#039;Share Market&amp;#039;,
			&amp;#039;slug&amp;#039; =&amp;gt; &amp;#039;share-market&amp;#039;,
			&amp;#039;description&amp;#039; =&amp;gt; &amp;#039;&amp;lt;p&amp;gt;The stock market is a place where you can buy and sell shares of stock of a publicly listed company. There are four key terms in that definition, which I will elaborate:&amp;lt;/p&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;strong&amp;gt;A Place:&amp;lt;/strong&amp;gt; It&amp;amp;rsquo;s a place called the Philippine Stock Exchange or PSE. They have two offices &amp;amp;ndash; one in Ortigas and one in Makati. But we don&amp;amp;rsquo;t need to go there in order to transact with them.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;strong&amp;gt;Buy and Sell:&amp;lt;/strong&amp;gt; That&amp;amp;rsquo;s why it&amp;amp;rsquo;s called a stock &amp;amp;ldquo;market&amp;amp;rdquo;. There are only select representatives called Trading Participants (or brokers) who can directly buy and sell shares of stock, though. For individual investors, we just transact with these brokers.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;strong&amp;gt;Shares of Stock:&amp;lt;/strong&amp;gt; Stocks, shares of stock, or shares (all used in the same way) represent ownership of a company. In a sole-proprietorship there is just one share of stock owned by the founder of the company. In corporations, there are multiple shares which can be owned by many different people. These are the shares which are bought and sold in the stock market.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;strong&amp;gt;Publicly-Listed Company:&amp;lt;/strong&amp;gt; Not all corporations are available in the stock market. The corporation must be a publicly listed company. A publicly-listed company is a business that offers its shares of stock to the public. This is usually done in order to finance its expanding operations. Now because the general public can invest, the company must first pass strict standards set by the PSE.&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;So to recap on what the stock market is just 4 things:&amp;lt;/strong&amp;gt;&amp;lt;/p&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;(1) It is a place where&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;(2) you can buy and sell&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;(3) shares of stock of&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;(4) publicly listed companies.&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;Why Trade In Stock Market&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;You do not need a lot of money to start making money, unlike buying property and paying a monthly mortgage.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;It requires very minimal time to trade - unlike building a conventional business&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;It&amp;amp;rsquo;s &amp;amp;lsquo;fast&amp;amp;rsquo; cash and allows for quick liquidation (You can convert it to cash easily, unlike selling a property or a business).&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;It&amp;amp;rsquo;s easy to learn how to profit from the stock market.&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;

&amp;lt;p&amp;gt;But You need to have your basics clear. Unless you do&amp;amp;hellip;.you will be wasting your time and loosing money. You need to be crystal clear of each and every aspect of Investments, stock options, Stock Trading, Company, Shares, Dividend &amp;amp;amp; Types of Shares, Debentures, Securities, Mutual Funds, IPO, Futures &amp;amp;amp; Options, What does the Share Market consist of? Exchanges, Indices, SEBI , Analysis of Stocks &amp;amp;ndash; How to check on what to buy?, Trading Terms (Limit Order, Stop Loss, Put, Call, Booking Profit &amp;amp;amp; Loss, Short &amp;amp;amp; Long), Trading Options &amp;amp;ndash; Brokerage Houses etc.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;How does the stock market work?&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;There are three interactions between the four groups of people that make the stock market work. In the diagram below, we are the &amp;amp;ldquo;Investors&amp;amp;rdquo; and we only deal with the &amp;amp;ldquo;Trading Participants&amp;amp;rdquo;.&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;However for a complete understanding of the market, I&amp;amp;rsquo;ll briefly describe the other relationships.&amp;lt;/p&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;The Publicly Listed Company and the PSE - The publicly listed company applies to the PSE so that they can be allowed to offer shares of stock to the public. The company must comply with very stringent requirements before the investments are opened to the public. The PSE protects you, the investor, and safeguards your interests.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;The PSE and the Trading Participant (Broker) - The PSE does not directly transact with us investors. Only Trading Participants licensed by the SEC are allowed to buy and sell shares of stock. This was done simply for control purposes and work simplification. The PSE prioritizes monitoring of Publicly Listed Companies while the Trading Participants deal with the investing public.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;The Trading Participant and the Investor (You!) - You will have to contact a trading participant or broker if you want to buy or sell shares of a particular company. For this, the broker will charge a very small fee for the buying or selling transaction. Brokers also provide you with information on which companies are good to buy in addition to their transaction services.&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;

&amp;lt;p&amp;gt;So in summary, this is how the Stock Market Works: (1) The PSE monitors and screens companies who would want to become publicly listed. (2) The PSE assigns trading participants to interact with the public for the buying and selling of shares. (3) The trading participants become the middle man between the PSE and the investing public.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;How do I make money in the Stock Market?&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;Remember that in the stock market, you&amp;amp;rsquo;re buying ownership of businesses. So you make money the same way its business owners make money. These are through dividends and capital gains.&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;Dividends&amp;lt;/strong&amp;gt;&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;The dividends are your share of earnings in the company as an investor. For example, last May 2012, the company, FPH (First Philippine Holdings) declared a dividend to be distributed among its shareholders. Each shareholder was to receive PhP1 per share. At that time I had 1,340 shares of FPH. This means I earned PhP1, 340 from my investment in FPH.&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;A common question that is asked here is that &amp;amp;ldquo;why would the company declare dividends?&amp;amp;rdquo; The answer to that is simply because they are also shareholders of the company. So in effect, by declaring dividends they are also paying themselves.&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;Capital Appreciation or Capital Gains&amp;lt;/strong&amp;gt;&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;The second way is through capital appreciation. This simply means that company you own is worth more than when you bought it. For example, in January 4, 2010 a share of FPH costs Rs 46.50. Two years later, the price of FPH was already Rs 61.50 &amp;amp;ndash; a difference of Rs 15 or 30%. So if you bought 100 shares of FPH, you could have made Rs 1, 500.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;How much money can I make in the stock market?&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;The amount of money you can gain or lose in the stock market is always a percentage of the amount of money you put in. How high or low this percentage is dependent on how willing you are to learn and how disciplined you are in applying what you learn. Now, before I give you the numbers, it&amp;amp;rsquo;s important that you understand that a high percentage and a low percentage is often compared to the market average.&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;For instance, in the year 2011, I gained 30%. I personally think that this is just average given that 2011 was a very good year. In fact, in one of the seminars I was attending, the professor asked one of the audience members how much money he made in his stock trading, he answered 100%. He doubled his money in just a year! Amazing!&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;However, if we were in the year 2008, during the time of the financial crisis, the average return was negative! So if an investor made a profit, his performance was already considered above average.&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;Here&amp;amp;rsquo;s a graph of the Philippine Stock Exchange index (PSEi) for the past 5 years. This PSEi graph is useful because it is often used as a benchmark on how the market performed. As you can see, the PSEi was going down the whole year of 2008.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;How much money do I put in the stock market?&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;The kind of money that the average investor should put in the stock market is money that he or she won&amp;amp;rsquo;t be needing today, tomorrow, next year, or even 5 to 10 years from now. This is because you can never exactly predict what the value of your investment will be in the coming years. So even though the average annual return on the stock market (from 1999 to 20016) was 14% per year, future returns are never guaranteed.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;The Biggest Problem in Investing&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;The biggest problem that can arise with investing is when your personal situation forces you to suddenly sell your investments for cash when the market is down.&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;Let&amp;amp;rsquo;s take the story of Mark as an example. Mark invested all his savings &amp;amp;ndash; amounting to Rs 100, 000 &amp;amp;ndash; in the stock market. He hoped that someday he&amp;amp;rsquo;d use it as down payment for a house. Unfortunately, he got into an accident where the bones in his leg got crushed. The medical fees were Rs 100, 000. And even though his company offered medical benefits, his employer would only pay for Rs 20, 000. So Mark had to find a way to pay for his share of P80, 000. The only other place he had money was in the stock market.&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;Unluckily, at that time, the market was down and the value of his investment was just Rs 80, 000. That didn&amp;amp;rsquo;t surprise him, because it had already happened in the past. The value would go down and then it would go up again. It would go down and then it would go up again. Normally, he would just wait it out.&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;But this time was different. He couldn&amp;amp;rsquo;t afford to wait for his investment to go up. He had to pay the hospital. So, he withdrew his investment worth Rs 80, 000, taking a loss of&amp;amp;nbsp;Rs&amp;lt;strong&amp;gt;&amp;amp;nbsp;&amp;lt;/strong&amp;gt;20, 000. This is one of the most discouraging things that can happen when you put all your money in the stock market.&amp;lt;/p&amp;gt;

&amp;lt;h3&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;Make sure this doesn&amp;amp;rsquo;t happen to you!&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h3&amp;gt;

&amp;lt;p&amp;gt;In order to prevent the problem above, there are three ways to protect your investments from a sudden need of cash. I recommend that you do all of them, before you invest in the stock market.&amp;lt;/p&amp;gt;

&amp;lt;ol&amp;gt;
	&amp;lt;li&amp;gt;Protect yourself with insurance. This is to make sure that when an accident happens (to you, your loved ones, your car, home, or business) it will be the insurance company that will be obligated to pay for it. At the same time, you won&amp;amp;rsquo;t need to cash out on your investments.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Shield yourself with an emergency fund. An emergency fund is a sum of money set aside just for emergencies. The general minimum of this amount is 6 months of your living expenses. This is for the unexpected things in your life which can&amp;amp;rsquo;t or won&amp;amp;rsquo;t be covered by insurance. So if you suddenly need money because you lost your job, you can live off your emergency fund until you find a new one.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Only put in money you won&amp;amp;rsquo;t be using for the next 5 years. In order to be able to do this, you should have a good grasp of the amount of money you&amp;amp;rsquo;ll be using. Don&amp;amp;rsquo;t forget to factor in the once a year expenses like birthdays and holidays. When the 13th month pay isn&amp;amp;rsquo;t enough to cover for your Christmas expenses, it would be very tempting to cash in on your investments.&amp;lt;/li&amp;gt;
&amp;lt;/ol&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;Purchasing Securities in the Primary Market&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;h3&amp;gt;&amp;lt;span style=&amp;quot;color:#e74c3c&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;Initial Public Offering (IPO)&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h3&amp;gt;

&amp;lt;p&amp;gt;Is when a hitherto unlisted company makes either a fresh issue of shares or some of its existing shareholders make an offer to sell of part of their existing shareholding for the first time to the public. This paves the way for the listing and trading of such shares. An IPO of fresh shares is typically made by a company when it needs money for growth-expansion or diversification or acquisitions or even to meet its increasing working capital requirements. In an IPO involving an offer for sale, the proceeds go to the selling shareholders.&amp;lt;/p&amp;gt;

&amp;lt;h3&amp;gt;&amp;lt;span style=&amp;quot;color:#e74c3c&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;Further Public Offering (FPO)&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h3&amp;gt;

&amp;lt;p&amp;gt;Is when an already listed company makes either a fresh issue of securities to the public or the existing promoters make an offer for sale to the public. An FPO, where fresh securities are issued, is typically made by a company when it needs money for growth-expansion or diversification or acquisitions or even to meet its increasing working capital requirements. An FPO is also the preferred route (over a rights issue) when the company wants to bring in new investorsboth institutional as well as retail. It may be pointed out that the FPO route is also being utilized extensively by the Government for the PSUs for the purpose of disinvestment of government&amp;amp;rsquo;s holdings.&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;Regarding price of shares offered in an IPO or an FPO, SEBI does not play any role in price fixation. The issuer company decides the price. In support of this, it is required to give full disclosures in the offer document and also justify the issue price by parameters such as EPS, PE multiples and return on net worth and comparison of these parameters with peer group companies. There are two types of issues. In one, the company fixes a specified price (called fixed price issues). In the other, the company stipulates a floor price or a price band (within 20%) and invite bids from the market to then determine the final price (called book building issues). In the case of FPOs, the issue price is normally at a discount to the current market price. Some companies, and specifically PSUs, offer a discount to the retail investors in both IPOs and FPOs up to a maximum 10%.&amp;lt;/p&amp;gt;
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		),
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				&amp;#039;title&amp;#039; =&amp;gt; &amp;#039;Do&amp;#039;s and Don&amp;#039;ts in Primary market dealings - Investors education series&amp;#039;,
				&amp;#039;slug&amp;#039; =&amp;gt; &amp;#039;dos-donts-primary-market-dealings&amp;#039;,
				&amp;#039;content&amp;#039; =&amp;gt; &amp;#039;&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;Do&amp;amp;rsquo;s and Don&amp;amp;rsquo;ts in Primary market dealings :&amp;lt;/strong&amp;gt; Primary market is a part of the capital market where issue of new securities takes place. It is the place where investors buy securities directly from the offering company before they start getting traded on secondary market i.e. stock exchanges. As an investor, while going for buying any new securities in the primary market, one should be cautious enough to make informed decisions with the best available information in the market. In this post, we share with you few Do&amp;amp;rsquo;s and Don&amp;amp;rsquo;ts that one should pay attention to in primary market.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;u&amp;gt;&amp;lt;strong&amp;gt;Do&amp;amp;rsquo;s in Primary market dealings:&amp;lt;/strong&amp;gt;&amp;lt;/u&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;span style=&amp;quot;color:#3498db&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Read the red herring/Abridged prospectus thoroughly&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;

	&amp;lt;ul&amp;gt;
		&amp;lt;li&amp;gt;Red herring prospectus contains the detailed information of the company&amp;amp;rsquo;s business operations and the detailed comprehension of the offer being made. It also consists of the information such as promoter&amp;amp;rsquo;s background, history of the company and its operations, financial statements, possible risk factors associated with the company&amp;amp;rsquo;s long term prospects, IPO rating if carried out and litigations that are outstanding against the company. All this information should be carefully read before one makes a decision to apply for the shares of any company.&amp;lt;/li&amp;gt;
		&amp;lt;li&amp;gt;If the investors, after reading the red herring prospectus finds any inaccuracies or incomplete information then he can raise the same with the merchant banker / the officers named in the document.&amp;lt;/li&amp;gt;
		&amp;lt;li&amp;gt;Read the instructions carefully before making your application for the securities.&amp;lt;/li&amp;gt;
	&amp;lt;/ul&amp;gt;
	&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;strong&amp;gt;Consider the objective of your investment before choosing to invest in any company. Choice of investments may vary depending up on the fact whether you are looking for a capital appreciation or for a monthly receipt of coupon interest etc.&amp;lt;/strong&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;strong&amp;gt;If your demat account has not yet been credited with the shares even after successful allotment within the due period, lodge a complaint with the compliance team of the issuer.&amp;lt;/strong&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;strong&amp;gt;Check the registration of the brokers/sub brokers before getting to deal with them.&amp;lt;/strong&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;strong&amp;gt;Check the reputation and back ground of the underwriters involved with the IPO.&amp;lt;/strong&amp;gt;&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Do&amp;amp;rsquo;nts:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t get carried away by the buzz created on the print and electronic media about the promoters/founders. Don&amp;amp;rsquo;t forget the fact that the fundamentals of the company are more important than the promoter&amp;amp;rsquo;s public image.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t invest just based on the prevailing market conditions that might be favorable to the company you are choosing to invest in. Don&amp;amp;rsquo;t forget to check the future prospects of the company&amp;amp;rsquo;s business operations.
	&amp;lt;ul&amp;gt;
		&amp;lt;li&amp;gt;Eg: Had Paytm come with an IPO soon after demonetization, the issue would have been definitely successful. This would have been an exaggeration given the momentum in which the Indian economy was post Nov 2016. But the true picture of such IPOs is known only when the investors are well informed.&amp;lt;/li&amp;gt;
	&amp;lt;/ul&amp;gt;
	&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t blindly apply for the securities if any government sponsored IPO come up. Pay the same attention as in the case of any other IPO. One may argue that the government guarantees the capital you invest there, but a fundamentally weaker company will definitely result in losses once it loses its position no matter what the government may do.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t invest with an expectation of realizing high returns upon listing.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t buy in the promises of the promoters that may guarantee you unrealistic gains and windfall profits.&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;
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				&amp;#039;title&amp;#039; =&amp;gt; &amp;#039;Do&amp;#039;s and Don&amp;#039;ts in Secondary market &amp;amp; Investors education series&amp;#039;,
				&amp;#039;slug&amp;#039; =&amp;gt; &amp;#039;dos-donts-secondary-market&amp;#039;,
				&amp;#039;content&amp;#039; =&amp;gt; &amp;#039;&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Do&amp;amp;rsquo;s and Don&amp;amp;rsquo;ts in Secondary market:&amp;amp;nbsp;&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;Secondary market is a place where the securities issued in the primary market are bought and sold. It is the stock market where the securities are traded post their issuance in the primary market. The main difference between primary and secondary market is that the trading takes place among the investors in the secondary market while it is between the issuer and investor in the primary market.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Do&amp;amp;rsquo;s in in Secondary market:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;img alt=&amp;quot;Do’s and Don’ts in Secondary market&amp;quot; class=&amp;quot;class_box_shadow-ar-image&amp;quot; src=&amp;quot;https://aglatax.com/img/blog/do-s-and-don-ts-in-secondary-market-img-1-204f5.jpeg&amp;quot; style=&amp;quot;height:479px; width:948px&amp;quot; /&amp;gt;&amp;lt;/p&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;Carefully check various sources of information about the company you would like to invest. Sources such as websites of the companies and stock exchanges, databases of data vendors, business channels and magazines, newspapers etc. help the investors very much to know about the fundamentals, management of the company, latest developments, current performance and recent announcements of the company.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Deal only with brokerage firms that are licensed /registered with the stock exchanges and SEBI&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Read and enquire about the brokerage firms before opening a trading account. Compare the commissions charged by different brokers across the market.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Plan your investment strategy keeping in view your financial goals. Minimize the risk by diversified investments.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Assess the liquidity and safety aspects of the securities before you make any buying decisions. Always remember &amp;amp;lsquo;buy low &amp;amp;amp; sell high&amp;amp;rsquo;.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Periodically review the statement of transactions history of your trading account. Carefully think while giving the instructions to broker to place any buy or sell orders.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Try to confirm with the official source of information about the recent developments in the company&amp;amp;rsquo;s affairs and corporate developments instead of simply relying the media reports.&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Don&amp;amp;rsquo;ts:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;img alt=&amp;quot;Do’s and Don’ts in Secondary market&amp;quot; class=&amp;quot;class_box_shadow-ar-image&amp;quot; src=&amp;quot;https://aglatax.com/img/blog/do-s-and-don-ts-in-secondary-market-img-2-205a6.jpeg&amp;quot; style=&amp;quot;height:492px; width:918px&amp;quot; /&amp;gt;&amp;lt;/p&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t blindly follow the free investment advice you receive on TV Channels, Face book groups. Assess yourself of the reality before taking your decisions.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t make any buying/ selling orders without considering the potential risks that are involved in the investment.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t pay any heed to the rumors and tips of your brokers without your own judgment of the issue on the ground.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t get carried away by the sudden surges in the share price of a fundamentally weaker company.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;At times, the market sentiments may result in un-anticipated fall in the share prices of fundamentally strong companies. Don&amp;amp;rsquo;t try to play the momentum.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t hesitate to contact your broker in case of any discrepancies between your instructions and the actual transactions the broker has placed.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t engage in the artificial demands and supplies created in the market. Try to hold the securities for a while rather going to gain from the momentary rise or fall.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t sign blank forms such as delivery instruction slip&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t get mislead by the advertisements you see in the media on the recent developments that may be distantly unrealistic given the historical trend in the company&amp;amp;rsquo;s performance. Don&amp;amp;rsquo;t make any decisions based on such luring information without cross checking the same with multiple sources.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t reveal the credentials of your online accounts with anyone. In case of any suspicious activity, try to change the password after reviewing the account once.&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;Recommended Article&amp;lt;/strong&amp;gt;&amp;lt;/p&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/dos-donts-primary-market-dealings.html&amp;quot; rel=&amp;quot;noopener&amp;quot; target=&amp;quot;_blank&amp;quot; title=&amp;quot;Do’s and Don’ts in Primary market dealings&amp;quot;&amp;gt;Do&amp;amp;rsquo;s and Don&amp;amp;rsquo;ts in Primary market dealings&amp;lt;/a&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/gst/reverse-charge-gst.html&amp;quot; rel=&amp;quot;noopener&amp;quot; target=&amp;quot;_blank&amp;quot; title=&amp;quot;Reverse Charge&amp;quot;&amp;gt;Reverse Charge&amp;lt;/a&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/gst/audit-assessment-gst.html&amp;quot; rel=&amp;quot;noopener&amp;quot; target=&amp;quot;_blank&amp;quot; title=&amp;quot;Audit and Assessment&amp;quot;&amp;gt;Audit and Assessment&amp;lt;/a&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/gst/role-cma-gst.html&amp;quot; rel=&amp;quot;noopener&amp;quot; target=&amp;quot;_blank&amp;quot; title=&amp;quot;Role of CMAs in GST&amp;quot;&amp;gt;Role of CMAs in GST&amp;lt;/a&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/gst/accounts-records-gst.html&amp;quot; rel=&amp;quot;noopener&amp;quot; target=&amp;quot;_blank&amp;quot; title=&amp;quot;Accounts and Records&amp;quot;&amp;gt;Accounts and Records&amp;lt;/a&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/gst/composition-scheme-gst.html&amp;quot; rel=&amp;quot;noopener&amp;quot; target=&amp;quot;_blank&amp;quot; title=&amp;quot;Composition Scheme&amp;quot;&amp;gt;Composition Scheme&amp;lt;/a&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;
&amp;#039;,
				&amp;#039;img&amp;#039; =&amp;gt; &amp;#039;do-s-and-don-ts-in-secondary-market-7054.png&amp;#039;,
				&amp;#039;alt_tag&amp;#039; =&amp;gt; &amp;#039;Do’s and Don’ts in Secondary market&amp;#039;,
				&amp;#039;meta_description&amp;#039; =&amp;gt; &amp;#039;Do&amp;#039;s and Don&amp;#039;ts in Secondary market:A Secondary market is a place where the securities issued in the primary market are bought and sold. Know more from below&amp;#039;,
				&amp;#039;meta_keywords&amp;#039; =&amp;gt; &amp;#039;Share Market, Stock Market&amp;#039;,
				&amp;#039;left_sidebar&amp;#039; =&amp;gt; &amp;#039;1&amp;#039;,
				&amp;#039;sidebar_title&amp;#039; =&amp;gt; &amp;#039;Do&amp;#039;s and Don&amp;#039;ts in Secondary market&amp;#039;,
				&amp;#039;visit_count&amp;#039; =&amp;gt; &amp;#039;568&amp;#039;,
				&amp;#039;status&amp;#039; =&amp;gt; &amp;#039;1&amp;#039;,
				&amp;#039;modified&amp;#039; =&amp;gt; &amp;#039;2019-06-02 06:13:54&amp;#039;,
				&amp;#039;created&amp;#039; =&amp;gt; &amp;#039;2017-12-13 09:30:55&amp;#039;
			),
			(int) 2 =&amp;gt; array(
				&amp;#039;id&amp;#039; =&amp;gt; &amp;#039;208&amp;#039;,
				&amp;#039;category_id&amp;#039; =&amp;gt; &amp;#039;11&amp;#039;,
				&amp;#039;title&amp;#039; =&amp;gt; &amp;#039;Do&amp;#039;s and Don&amp;#039;ts while dealing with Brokers &amp;amp; sub-brokers in stock market&amp;#039;,
				&amp;#039;slug&amp;#039; =&amp;gt; &amp;#039;dos-donts-dealing-brokers&amp;#039;,
				&amp;#039;content&amp;#039; =&amp;gt; &amp;#039;&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Do&amp;amp;rsquo;s and Don&amp;amp;rsquo;ts while dealing with Brokers and sub-brokers in the stock market:&amp;lt;/u&amp;gt;&amp;amp;nbsp;&amp;lt;/strong&amp;gt;Stock broker means a member of a stock exchange. Sub-broker means any person not being a member of stock exchange who acts on behalf of a stock broker as an agent or otherwise for assisting the investors in buying, selling or dealing in securities through such stock brokers. The role of brokers and sub-brokers in the market is worth mentioning. In this post, we list out the dos and don&amp;amp;rsquo;ts while we dealing with the brokers in the securities market.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Do&amp;amp;rsquo;s while dealing with Brokers and sub-brokers:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;Deal with the only those brokers who are registered with SEBI. The same can be ensured by checking the SEBI registration certificate of the brokers/sub-brokers. One can verify the validity of the registration certificate by cross checking the same in SEBI website.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Ensure that the broker is permitted to transact in the market. Review and enquire as there may exist any ban on him by SEBI barring from trading.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Give clear and unambiguous instructions to your broker/ sub-broker stating who will be placing orders on your behalf.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Before you go ahead transacting with the broker, ensure that the client registration form is signed by him&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;img alt=&amp;quot;Do’s and Don’ts while dealing with Brokers&amp;quot; class=&amp;quot;class_box_shadow-ar-image&amp;quot; src=&amp;quot;https://aglatax.com/img/blog/do-s-and-don-ts-while-dealing-with-brokers-img-2070d.jpeg&amp;quot; style=&amp;quot;height:464px; width:887px&amp;quot; /&amp;gt;&amp;lt;/p&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;Read all terms and conditions and risk disclosure document carefully while entering into an agreement with the broker.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Ensure that you sign on all the pages of the agreement and make sure that the broker or a representative authorized signs on all the pages of the agreement. Also the agreement should be signed by the witnesses by giving their name and address.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Insist on contract note/confirmation memo for transactions carried out each day. Insist on receipt of bill for every settlement. In case of any discrepancies, check with the trading account history &amp;amp;amp; exchange&amp;amp;rsquo;s website.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Make sure that broker&amp;amp;rsquo;s name, trade time and number, transaction price and brokerage are mentioned distinctly on the contract note.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;In case of any disputes, ensure that written complaint is filed within a reasonable time to intermediary/ Stock Exchange/SEBI.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;In case of disputes with sub-broker, inform the main broker about the dispute within 6 months.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Keep updating yourself with the rules, regulations and recent circulars issued by stock exchanges /SEBI before carrying out any transaction.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Track the details of securities in your portfolio by regularly reviewing your demat account.&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Don&amp;amp;rsquo;ts while dealing with Brokers and sub-brokers:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t deal with unregistered brokers in any circumstances.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t sign the agreement with the intermediary without understanding its terms and conditions&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t pay the brokerage more than the % approved while registering with the broker.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t sign blank Delivery instructions slip in any circumstance.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t execute any off market transaction or payment of funds to sub broker.&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;img alt=&amp;quot;Do’s and Don’ts while dealing with Brokers&amp;quot; class=&amp;quot;class_box_shadow-ar-image&amp;quot; src=&amp;quot;https://aglatax.com/img/blog/do-s-and-don-ts-while-dealing-with-brokers-img-2-2080a.jpeg&amp;quot; style=&amp;quot;height:353px; width:913px&amp;quot; /&amp;gt;&amp;lt;/p&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t accept unsigned contract notes/confirmation memo&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t get carried away by unrealistic advertisements offering extremely lower brokerage rates&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Do not share your login/trading password with any one even with the brokers&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t make decisions based on the free investments given by brokers. Make your own judgment of the same before you start dealing with it.&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;Recommended&amp;lt;/strong&amp;gt;&amp;lt;/p&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/gst/reverse-charge-gst.html&amp;quot; rel=&amp;quot;noopener&amp;quot; target=&amp;quot;_blank&amp;quot; title=&amp;quot;Reverse Charge&amp;quot;&amp;gt;Reverse Charge&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/gst/audit-assessment-gst.html&amp;quot; rel=&amp;quot;noopener&amp;quot; target=&amp;quot;_blank&amp;quot; title=&amp;quot;Audit and Assessment&amp;quot;&amp;gt;Audit and Assessment&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/gst/role-cma-gst.html&amp;quot; rel=&amp;quot;noopener&amp;quot; target=&amp;quot;_blank&amp;quot; title=&amp;quot;Role of CMAs in GST&amp;quot;&amp;gt;Role of CMAs in GST&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/gst/accounts-records-gst.html&amp;quot; rel=&amp;quot;noopener&amp;quot; target=&amp;quot;_blank&amp;quot; title=&amp;quot;Accounts and Records&amp;quot;&amp;gt;Accounts and Records&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/gst/composition-scheme-gst.html&amp;quot; rel=&amp;quot;noopener&amp;quot; target=&amp;quot;_blank&amp;quot; title=&amp;quot;Composition Scheme&amp;quot;&amp;gt;Composition Scheme&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;
&amp;#039;,
				&amp;#039;img&amp;#039; =&amp;gt; &amp;#039;do-s-and-don-ts-while-dealing-with-brokers-sub-brokers-in-stock-market-9384.png&amp;#039;,
				&amp;#039;alt_tag&amp;#039; =&amp;gt; &amp;#039;Do’s and Don’ts while dealing with Brokers&amp;#039;,
				&amp;#039;meta_description&amp;#039; =&amp;gt; &amp;#039;Do&amp;#039;s and Don&amp;#039;ts while dealing with Brokers and sub-brokers in the stock market: A Stock broker means a member of a stock exchange. know more details...&amp;#039;,
				&amp;#039;meta_keywords&amp;#039; =&amp;gt; &amp;#039;stock market, share market&amp;#039;,
				&amp;#039;left_sidebar&amp;#039; =&amp;gt; &amp;#039;1&amp;#039;,
				&amp;#039;sidebar_title&amp;#039; =&amp;gt; &amp;#039;Do&amp;#039;s and Don&amp;#039;ts while dealing with Brokers&amp;#039;,
				&amp;#039;visit_count&amp;#039; =&amp;gt; &amp;#039;517&amp;#039;,
				&amp;#039;status&amp;#039; =&amp;gt; &amp;#039;1&amp;#039;,
				&amp;#039;modified&amp;#039; =&amp;gt; &amp;#039;2019-06-02 06:13:34&amp;#039;,
				&amp;#039;created&amp;#039; =&amp;gt; &amp;#039;2017-12-14 02:55:27&amp;#039;
			),
			(int) 3 =&amp;gt; array(
				&amp;#039;id&amp;#039; =&amp;gt; &amp;#039;209&amp;#039;,
				&amp;#039;category_id&amp;#039; =&amp;gt; &amp;#039;11&amp;#039;,
				&amp;#039;title&amp;#039; =&amp;gt; &amp;#039;Do&amp;#039;s and Don&amp;#039;ts during Buy back of shares &amp;amp; Investors education series&amp;#039;,
				&amp;#039;slug&amp;#039; =&amp;gt; &amp;#039;dos-donts-during-buy-back-shares&amp;#039;,
				&amp;#039;content&amp;#039; =&amp;gt; &amp;#039;&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;Do&amp;amp;rsquo;s and Don&amp;amp;rsquo;ts during Buy back of shares&amp;lt;/strong&amp;gt;: Buy back of shares is the process by which a company can repurchase its own shares from the market. Buy back will result in reduction in number of shares outstanding in the market. In this post we list out the Do&amp;amp;rsquo;s and Don&amp;amp;rsquo;ts during &amp;amp;lsquo;Buy back of shares&amp;amp;rsquo;:&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Do&amp;amp;rsquo;s during Buy back of shares:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;While participating in the voting on buy back decision put forth by the management, read the special resolution made regarding the buyback proposal and then vote for/against it.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Compare the price announced by the company in buy back proposal with the recent past price and the current trend it is moving towards.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Assess whether the offer price is reasonable or not. Go ahead only if you find it to be a fair price&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Read and follow the instructions carefully before making an application to offer your shares for buy back.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;If you fall under the small retail investors, then decide upon how much you want to offer the company out of your holdings for buyback.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;If you don&amp;amp;rsquo;t get the letter of offer within reasonable period, contact the Merchant Banker&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Read the letter of offer carefully and mention the details in the application as required by the letter of offer.&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;img alt=&amp;quot;Do’s during Buy back of shares&amp;quot; class=&amp;quot;class_box_shadow-ar-image&amp;quot; src=&amp;quot;https://aglatax.com/img/blog/do-s-and-don-ts-during-buy-back-of-shares-img-1-21076.jpeg&amp;quot; style=&amp;quot;height:442px; width:815px&amp;quot; /&amp;gt;&amp;lt;/p&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;Furnish all the documents asked for in the letter of offer&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Dispatch the application to the address mentioned in the offer letter. Follow the mode of specified in the offer letter while doing so.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Make sure that that your application reaches the collection center well within time.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;If no response is received from company or merchant banker regarding consideration for tendered shares within stipulated time, then contact the merchant banker.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;In case of any grievance against the company, Contact Compliance Officer mentioned in the letter of offer.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;You can Contact the Registrar of Companies in case you feel that provision of the Companies Act has been violated in this entire consideration of buy back process.&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Don&amp;amp;rsquo;ts during Buy back of shares:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;Avoid submitting multiple applications&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t fail to ensure that your hand writing on the application is legible&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t make your decisions based on the media reviews of the buyback. Have your own assessment of the proposal.&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;img alt=&amp;quot;Don’ts during Buy back of shares&amp;quot; class=&amp;quot;class_box_shadow-ar-image&amp;quot; src=&amp;quot;https://aglatax.com/img/blog/do-s-and-don-ts-during-buy-back-of-shares-img-2-211f5.jpeg&amp;quot; style=&amp;quot;height:288px; width:708px&amp;quot; /&amp;gt;&amp;lt;/p&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t cross/ cut in the application form.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t dispatch the application at wrong address&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t wait till the last moment and don&amp;amp;rsquo;t send the application after the close of offer&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t give the information which is wrong/ contradictory on the application form.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t fail to ensure that you have signed wherever it is necessary.&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;Recommended&amp;lt;/strong&amp;gt;&amp;lt;/p&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/gst/reverse-charge-gst.html&amp;quot; rel=&amp;quot;noopener&amp;quot; target=&amp;quot;_blank&amp;quot; title=&amp;quot;Reverse Charge&amp;quot;&amp;gt;Reverse Charge&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/gst/audit-assessment-gst.html&amp;quot; rel=&amp;quot;noopener&amp;quot; target=&amp;quot;_blank&amp;quot; title=&amp;quot;Audit and Assessment&amp;quot;&amp;gt;Audit and Assessment&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/gst/role-cma-gst.html&amp;quot; rel=&amp;quot;noopener&amp;quot; target=&amp;quot;_blank&amp;quot; title=&amp;quot;Role of CMAs in GST&amp;quot;&amp;gt;Role of CMAs in GST&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/gst/accounts-records-gst.html&amp;quot; rel=&amp;quot;noopener&amp;quot; target=&amp;quot;_blank&amp;quot; title=&amp;quot;Accounts and Records&amp;quot;&amp;gt;Accounts and Records&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/gst/composition-scheme-gst.html&amp;quot; rel=&amp;quot;noopener&amp;quot; target=&amp;quot;_blank&amp;quot; title=&amp;quot;Composition Scheme&amp;quot;&amp;gt;Composition Scheme&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;
&amp;#039;,
				&amp;#039;img&amp;#039; =&amp;gt; &amp;#039;do-s-and-don-ts-during-buy-back-of-shares-1066.png&amp;#039;,
				&amp;#039;alt_tag&amp;#039; =&amp;gt; &amp;#039;Do’s and Don’ts during Buy back of shares&amp;#039;,
				&amp;#039;meta_description&amp;#039; =&amp;gt; &amp;#039;Do&amp;#039;s and Don&amp;#039;ts during Buy back of shares: Buy back of shares is the process by which a company can repurchase its own shares from the market&amp;#039;,
				&amp;#039;meta_keywords&amp;#039; =&amp;gt; &amp;#039;share market, stock market&amp;#039;,
				&amp;#039;left_sidebar&amp;#039; =&amp;gt; &amp;#039;1&amp;#039;,
				&amp;#039;sidebar_title&amp;#039; =&amp;gt; &amp;#039;Do&amp;#039;s and Don&amp;#039;ts during Buy back of shares&amp;#039;,
				&amp;#039;visit_count&amp;#039; =&amp;gt; &amp;#039;328&amp;#039;,
				&amp;#039;status&amp;#039; =&amp;gt; &amp;#039;1&amp;#039;,
				&amp;#039;modified&amp;#039; =&amp;gt; &amp;#039;2019-06-02 06:12:39&amp;#039;,
				&amp;#039;created&amp;#039; =&amp;gt; &amp;#039;2017-12-14 03:18:22&amp;#039;
			),
			(int) 4 =&amp;gt; array(
				&amp;#039;id&amp;#039; =&amp;gt; &amp;#039;213&amp;#039;,
				&amp;#039;category_id&amp;#039; =&amp;gt; &amp;#039;11&amp;#039;,
				&amp;#039;title&amp;#039; =&amp;gt; &amp;#039;What is Collective Investment Schemes? &amp;amp; Complete details&amp;#039;,
				&amp;#039;slug&amp;#039; =&amp;gt; &amp;#039;collective-investment-schemes&amp;#039;,
				&amp;#039;content&amp;#039; =&amp;gt; &amp;#039;&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Collective Investment Schemes:&amp;amp;nbsp;&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;According to SEBI &amp;amp;ldquo;Any scheme or arrangement made or offered by any company under which the contributions, or payments made by the investors, are pooled and utilized with a view to receive profits, income, produce or property, and is managed on behalf of the investors is a Collective Investment Schemes (CIS)&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Collective Investment Management Company:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;A Collective Investment Management Company is a company that is registered with SEBI under the SEBI (Collective Investment Schemes) Regulations, 1999, whose object is to organize, operate and manage a Collective Investment Scheme&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;However, following arrangements do not constitute a collective investment scheme:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/p&amp;gt;

&amp;lt;h3&amp;gt;&amp;lt;span style=&amp;quot;color:#e74c3c&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;1. By co-operative societies:&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h3&amp;gt;

&amp;lt;p&amp;gt;Any scheme or arrangement made or offered by a co-operative society or a society being a society registered or deemed to be registered under any law relating to co-operative societies for the time being in force in any State&amp;lt;/p&amp;gt;

&amp;lt;h3&amp;gt;&amp;lt;span style=&amp;quot;color:#e74c3c&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;2. By non-banking financial companies:&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h3&amp;gt;

&amp;lt;p&amp;gt;Any scheme or arrangement under which deposits are accepted by non-banking financial companies&amp;lt;/p&amp;gt;

&amp;lt;h3&amp;gt;&amp;lt;span style=&amp;quot;color:#e74c3c&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;3. Insurance:&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h3&amp;gt;

&amp;lt;p&amp;gt;Any scheme or arrangement which being a contract of insurance to which the Insurance act is applicable.&amp;lt;/p&amp;gt;

&amp;lt;h3&amp;gt;&amp;lt;span style=&amp;quot;color:#e74c3c&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;4. Under EPF act:&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h3&amp;gt;

&amp;lt;p&amp;gt;Any scheme or arrangement providing for any Scheme, Pension Scheme or the Insurance Scheme framed under the Employees Provident Fund and Miscellaneous Provisions Act, 1952&amp;lt;/p&amp;gt;

&amp;lt;h3&amp;gt;&amp;lt;span style=&amp;quot;color:#e74c3c&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;5. Deposits under Companies act:&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h3&amp;gt;

&amp;lt;p&amp;gt;Any scheme or arrangement under which deposits are accepted under the provisions of companies act&amp;lt;/p&amp;gt;

&amp;lt;ol start=&amp;quot;6&amp;quot;&amp;gt;
	&amp;lt;li&amp;gt;Any scheme or arrangement under which deposits are accepted by a company declared as a Nidhi or a mutual benefit society under sections of the companies act&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Chit fund act:&amp;lt;/li&amp;gt;
&amp;lt;/ol&amp;gt;

&amp;lt;p&amp;gt;Any scheme or arrangement falling within the meaning of Chit business as defined in clause (d) of section 2of the Chit Fund Act, 1982&amp;lt;/p&amp;gt;

&amp;lt;h3&amp;gt;&amp;lt;span style=&amp;quot;color:#e74c3c&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;8. Mutual fund:&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h3&amp;gt;

&amp;lt;p&amp;gt;Any scheme or arrangement under which contributions made are in the nature of subscription to a mutual fund&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Collective Investment Schemes (CIS) Process:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;ol&amp;gt;
	&amp;lt;li&amp;gt;A company should 1&amp;lt;sup&amp;gt;st&amp;lt;/sup&amp;gt; get itself registered with SEBI as a Collective Investment Management Company. After successful registration, a certificate will be issued.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Then the company can come up to the public with the schemes they would like to make the investment on&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;The company should ensure that the schemes launched are credit rated as well as appraised by an appraising agency.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;An offer document shall be made by the company and copy has to be filed with SEBI for which SEBI will respond within 21 days suggesting any modifications it wants to.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;If SEBI has suggested no modification within 21 days from the date of filing, Collective Investment Management Company can issue the offer document to the public for raising funds from them.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;After collection of funds, within two months from the closure of the financial year the company has to provide the investors with a copy of the summary of the yearly appraisal report, Profit &amp;amp;amp; Loss account and balance sheet.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Also the company should ensure that within two months from the date of finalization of accounts scheme wise annual report or an abridged form thereof has published in a national daily&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Within one month from the close of each quarter, scheme wise un-audited quarterly financial results have to be published in a national daily.&amp;lt;/li&amp;gt;
&amp;lt;/ol&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;Recommended Articles&amp;lt;/strong&amp;gt;&amp;lt;/p&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/index-funds.html&amp;quot; title=&amp;quot;Index funds - Popularity in India, Warrant buffet on Index funds, Merits&amp;quot;&amp;gt;Index funds&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/indian-depository-receipts.html&amp;quot; target=&amp;quot;_blank&amp;quot; title=&amp;quot;Indian Depository Receipts - Eligibility, Minimum size of an IDR issue&amp;quot;&amp;gt;Indian Depository Receipts&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/listing-securities-nse-debt-segment.html&amp;quot; title=&amp;quot;Listing of securities on NSE Debt segment: Eligibility criteria &amp;amp;amp; Process&amp;quot;&amp;gt;Listing of securities on NSE Debt segment&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/graded-surveillance-measure.html&amp;quot; title=&amp;quot;Graded Surveillance Measure (GSM) by SEBI Detailed Explained&amp;quot;&amp;gt;Graded Surveillance Measure&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;
&amp;#039;,
				&amp;#039;img&amp;#039; =&amp;gt; &amp;#039;collective-investment-schemes-3251.jpeg&amp;#039;,
				&amp;#039;alt_tag&amp;#039; =&amp;gt; &amp;#039;Collective Investment Schemes&amp;#039;,
				&amp;#039;meta_description&amp;#039; =&amp;gt; &amp;#039;What is Collective Investment Schemes?. Details for arrangements do not constitute a collective investment scheme. Process of Collective Investment Schemes.&amp;#039;,
				&amp;#039;meta_keywords&amp;#039; =&amp;gt; &amp;#039;Investment Schemes, SEBI&amp;#039;,
				&amp;#039;left_sidebar&amp;#039; =&amp;gt; &amp;#039;1&amp;#039;,
				&amp;#039;sidebar_title&amp;#039; =&amp;gt; &amp;#039;Collective Investment Schemes&amp;#039;,
				&amp;#039;visit_count&amp;#039; =&amp;gt; &amp;#039;580&amp;#039;,
				&amp;#039;status&amp;#039; =&amp;gt; &amp;#039;1&amp;#039;,
				&amp;#039;modified&amp;#039; =&amp;gt; &amp;#039;2019-06-02 06:09:43&amp;#039;,
				&amp;#039;created&amp;#039; =&amp;gt; &amp;#039;2017-12-18 07:47:47&amp;#039;
			),
			(int) 5 =&amp;gt; array(
				&amp;#039;id&amp;#039; =&amp;gt; &amp;#039;214&amp;#039;,
				&amp;#039;category_id&amp;#039; =&amp;gt; &amp;#039;11&amp;#039;,
				&amp;#039;title&amp;#039; =&amp;gt; &amp;#039;What is Applications Supported by Blocked Amount (ASBA): How it works?&amp;#039;,
				&amp;#039;slug&amp;#039; =&amp;gt; &amp;#039;applications-supported-by-blocked-amount&amp;#039;,
				&amp;#039;content&amp;#039; =&amp;gt; &amp;#039;&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;What is Applications Supported by Blocked Amount&amp;lt;/strong&amp;gt; -&amp;amp;nbsp;&amp;lt;strong&amp;gt;ASBA&amp;lt;/strong&amp;gt; is a process developed by SEBI for applying in IPO. ASBA is an application that contains an authorization to the investor&amp;amp;lsquo;s bank to block in his bank account an amount equivalent to the application money while applying for an issue. If an investor is applying through ASBA, his application money shall be debited from his bank account only upon his application is selected for allotment after the basis of allotment is finalized by the issuer. Amount that is equivalent to the allotment only shall be debited by the bank while the rest is freed up.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Why was the need for ASBA?&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;Before the introduction of ASBA, retail investors were required to attach a cheque/demand draft that is worth the full share application money for the shares he applies for. Later, post clearance these applications will be considered for allotment. In case of oversubscription, the issuer has to initiate the refunds to those having allotted no/a part of the total shares applied. And the complex process of refunds was so cumbersome that the refund warrants getting misplaced/lost in transit resulted in the largest number of complaints in IPOs being related to refunds. Later on SEBI has solved this problem by implementing ASBA.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Mandatory:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;As per SEBI circular no CIR/CFD/POLICY CELL/11/2015 dated November 10, 2015, ASBA was made mandatory for all public issues opening on or after January 01, 2016&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;How to apply for an IPO through ASBA?&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;Investor should submit the ASBA form which is available at the designated branches of the banks acting as Self Certified Syndicate Banks (SCSB) after filling the details such as name of the applicant, PAN number, demat account number, bid quantity, bid price and other relevant details, to their banking branch by giving an instruction to block the amount in their account. Investors can submit the ASBA form to the trading members connected with the IPO. Also, the investor can generate e-ASBA form from stock exchange&amp;amp;rsquo;s website &amp;lt;u&amp;gt;https://www.nseindiaipo.com/issueforms/html/index.html&amp;lt;/u&amp;gt; for any issue.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;What is Self Certified Syndicate Bank (SCSB)?&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;Certain banks have been designated by SEBI as a bank capable of providing ASBA services to its customers. These are known as SCSB. Following link helps you find the bank branches acting as SCSB for ASBA: &amp;lt;u&amp;gt;http://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&amp;amp;amp;intmId=35 &amp;lt;/u&amp;gt;. One does not need to have a demat account with the bank to submit the ASBA forms. In case the issue fails/withdrawn the SCSB shall unblock the application money from the bank accounts upon receiving instructions from issuer. In case of any complaints pertaining to his application the investor shall approach the bank.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Advantages of ASBA&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;ol&amp;gt;
	&amp;lt;li&amp;gt;Investors don&amp;amp;rsquo;t have to bother about the refunds in case of partial / no allotment&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;A lot of time and costs involved in the manual refund process (as was in case before introduction of ASBA) is eliminated.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Investor&amp;amp;rsquo;s money remains in his bank account till the allotment is made. Thus he earns interest on the same till then.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Unlike in the old systems, investors do not have to bother about losing the refund warrants posted by the issuer to his address.&amp;lt;/li&amp;gt;
&amp;lt;/ol&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;Recommended Articles&amp;lt;/strong&amp;gt;&amp;lt;/p&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/index-funds.html&amp;quot; title=&amp;quot;Index funds - Popularity in India, Warrant buffet on Index funds, Merits&amp;quot;&amp;gt;Index funds&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/indian-depository-receipts.html&amp;quot; target=&amp;quot;_blank&amp;quot; title=&amp;quot;Indian Depository Receipts - Eligibility, Minimum size of an IDR issue&amp;quot;&amp;gt;Indian Depository Receipts&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/listing-securities-nse-debt-segment.html&amp;quot; title=&amp;quot;Listing of securities on NSE Debt segment: Eligibility criteria &amp;amp;amp; Process&amp;quot;&amp;gt;Listing of securities on NSE Debt segment&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/graded-surveillance-measure.html&amp;quot; title=&amp;quot;Graded Surveillance Measure (GSM) by SEBI Detailed Explained&amp;quot;&amp;gt;Graded Surveillance Measure&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;
&amp;#039;,
				&amp;#039;img&amp;#039; =&amp;gt; &amp;#039;applications-supported-by-blocked-amount-3173.jpg&amp;#039;,
				&amp;#039;alt_tag&amp;#039; =&amp;gt; &amp;#039;Applications Supported by Blocked Amount&amp;#039;,
				&amp;#039;meta_description&amp;#039; =&amp;gt; &amp;#039;Applications Supported by Blocked Amount - A ASBA is a process developed by SEBI for applying in IPO. ASBA is an application that contains an authorization.&amp;#039;,
				&amp;#039;meta_keywords&amp;#039; =&amp;gt; &amp;#039;Share Market, Stock Market&amp;#039;,
				&amp;#039;left_sidebar&amp;#039; =&amp;gt; &amp;#039;1&amp;#039;,
				&amp;#039;sidebar_title&amp;#039; =&amp;gt; &amp;#039;Applications Supported by Blocked Amount&amp;#039;,
				&amp;#039;visit_count&amp;#039; =&amp;gt; &amp;#039;444&amp;#039;,
				&amp;#039;status&amp;#039; =&amp;gt; &amp;#039;1&amp;#039;,
				&amp;#039;modified&amp;#039; =&amp;gt; &amp;#039;2019-06-02 06:08:58&amp;#039;,
				&amp;#039;created&amp;#039; =&amp;gt; &amp;#039;2017-12-18 07:50:31&amp;#039;
			),
			(int) 6 =&amp;gt; array(
				&amp;#039;id&amp;#039; =&amp;gt; &amp;#039;215&amp;#039;,
				&amp;#039;category_id&amp;#039; =&amp;gt; &amp;#039;11&amp;#039;,
				&amp;#039;title&amp;#039; =&amp;gt; &amp;#039;NIFTY Sectoral indices &amp;amp; How are they calculates?, Selection criteria&amp;#039;,
				&amp;#039;slug&amp;#039; =&amp;gt; &amp;#039;nifty-sectoral-indices&amp;#039;,
				&amp;#039;content&amp;#039; =&amp;gt; &amp;#039;&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;What is NIFTY Sectoral index?:&amp;lt;/u&amp;gt;&amp;amp;nbsp;&amp;lt;/strong&amp;gt;Index that is constructed by the stocks that are selected and grouped together on the basis of the industry the companies belong to is a Sectoral index. NIFTY sectoral index is calculated by grouping the stocks listed on National Stock Exchange (NSE). These are computed based on free-float market capitalization method in which the market value of the share is multiplied by the number of shares that are readily available for trading in the market. Shares held by promoters are not considered in this method. Check out more details for&amp;amp;nbsp;NIFTY Sectoral indices from below...&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;What is a Stock index?&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;A stock index is a measurement that gives the information about the price movements and overall behavior of equity markets. A stock market index is constructed using selecting a group of stocks that are representative of the whole market or a specified industry or segment of the market. An index shall have base period and a base index value.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;NIFTY Sectoral indices: &amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;table border=&amp;quot;1&amp;quot; class=&amp;quot;table&amp;quot;&amp;gt;
	&amp;lt;tbody&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;NIFTY Auto Index&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;This index reflects the behaviors and performance of automobile sector such as manufacturers of cars &amp;amp;amp; motorcycles, heavy vehicles, auto ancillaries, tyres etc. It comprises of maximum 15 stocks.&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;NIFTY Bank Index&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;Comprised of maximum 12 banking stocks, this index is designed to indicate the large and liquid banks.&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;NIFTY Financial Services Index&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;It reflects the behavior and performance of the Indian financial market which includes banks, financial institutions and housing finance and other financial services companies. It comprises maximum 15 stocks.&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;NIFTY FMCG Index&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;Behavior and performance of Fast Moving Consumer Goods (FMCG) is reflected by this index. The index comprises of maximum of 15 companies.&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;NIFTY IT Index&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;Comprising the stocks of maximum 20 IT companies, The index is designed to reflect the behavior of companies engaged into activities such as IT infrastructure, IT education and software training, networking infrastructure, software development, hardware, IT support and maintenance etc.&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;NIFTY Media Index&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;This is for the media &amp;amp;amp; entertainment, publishing and printing industry. The index comprises of maximum of 15 companies.&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;NIFTY Metal Index&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;It reflects the behavior and performance of the Metals sector including mining with maximum 15 stocks considered for index construction.&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;NIFTY Pharma Index&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;This indicates the behavior and performance pharmaceutical companies. The index comprises of maximum of 10 stocks.&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;NIFTY PSU Bank Index&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;The behavior and performance of the Public sector banking companies is reflected in this index comprising of maximum 12 stocks.&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;NIFTY Private Bank Index&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;It is a reflection of the behavior and performance of the private sector banks. It comprises of 10 stocks having weights of each company capped at 25%.&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;NIFTY Realty Index&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;This is for the real estate sector. The index comprises of maximum of 10 stocks of the companies that are engaged in construction of residential &amp;amp;amp; commercial real estate properties&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
	&amp;lt;/tbody&amp;gt;
&amp;lt;/table&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;img alt=&amp;quot;NIFTY Sectoral index&amp;quot; class=&amp;quot;class_box_shadow-ar-image&amp;quot; src=&amp;quot;https://aglatax.com/img/blog/nifty-sectoral-indices-2185.jpeg&amp;quot; style=&amp;quot;height:427px; width:832px&amp;quot; /&amp;gt;&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;How are the stocks selected for construction of these indices?&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;h3&amp;gt;&amp;lt;span style=&amp;quot;color:#e74c3c&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Selection criteria:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h3&amp;gt;

&amp;lt;ol&amp;gt;
	&amp;lt;li&amp;gt;Companies which are ranked within top 800 based on both average daily turnover and average daily full market capitalization are considered. Previous six months period data is used for this ranking.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;The company&amp;amp;#39;s trading frequency should be at least 90% in the last six months&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;The company should have listing history for at least 6 months. However, it is relaxed to 3 months in case of a company that has newly come up with IPO and satisfies the normal eligibility criteria.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;In case of NIFTY Bank index, companies that are allowed to trade in F&amp;amp;amp;O segment at NSE are only eligible to be a constituent of the index.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;In case of NIFTY IT and NIFTY Private Bank Index, a preference shall be given to companies that are available for trading in NSE&amp;amp;rsquo;s Futures &amp;amp;amp; Options segment at the time of final selection.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;The companies are sorted in the descending order of the Market capitalization computed as per Free-Float Market capitalization method&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Companies will be included if free-float market capitalization is 1.5 times the free float market capitalization of the smallest index constituent in respective index&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;These will be reviewed on half-yearly basis considering 6 months data ending January and July respectively.&amp;lt;/li&amp;gt;
&amp;lt;/ol&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;Recommended Articles&amp;lt;/strong&amp;gt;&amp;lt;/p&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/index-funds.html&amp;quot; title=&amp;quot;Index funds - Popularity in India, Warrant buffet on Index funds, Merits&amp;quot;&amp;gt;Index funds&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/indian-depository-receipts.html&amp;quot; target=&amp;quot;_blank&amp;quot; title=&amp;quot;Indian Depository Receipts - Eligibility, Minimum size of an IDR issue&amp;quot;&amp;gt;Indian Depository Receipts&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/listing-securities-nse-debt-segment.html&amp;quot; title=&amp;quot;Listing of securities on NSE Debt segment: Eligibility criteria &amp;amp;amp; Process&amp;quot;&amp;gt;Listing of securities on NSE Debt segment&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/graded-surveillance-measure.html&amp;quot; title=&amp;quot;Graded Surveillance Measure (GSM) by SEBI Detailed Explained&amp;quot;&amp;gt;Graded Surveillance Measure&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;
&amp;#039;,
				&amp;#039;img&amp;#039; =&amp;gt; &amp;#039;nifty-sectoral-indices-2185.jpeg&amp;#039;,
				&amp;#039;alt_tag&amp;#039; =&amp;gt; &amp;#039;NIFTY Sectoral indices&amp;#039;,
				&amp;#039;meta_description&amp;#039; =&amp;gt; &amp;#039;NIFTY Sectoral indices &amp;amp; How are they calculates?. How are the stocks selected for construction of these indices?, What is a Stock index, Selection criteria&amp;#039;,
				&amp;#039;meta_keywords&amp;#039; =&amp;gt; &amp;#039;Share Market, Stock Market&amp;#039;,
				&amp;#039;left_sidebar&amp;#039; =&amp;gt; &amp;#039;1&amp;#039;,
				&amp;#039;sidebar_title&amp;#039; =&amp;gt; &amp;#039;NIFTY Sectoral indices&amp;#039;,
				&amp;#039;visit_count&amp;#039; =&amp;gt; &amp;#039;442&amp;#039;,
				&amp;#039;status&amp;#039; =&amp;gt; &amp;#039;1&amp;#039;,
				&amp;#039;modified&amp;#039; =&amp;gt; &amp;#039;2019-06-02 06:08:33&amp;#039;,
				&amp;#039;created&amp;#039; =&amp;gt; &amp;#039;2017-12-18 07:53:43&amp;#039;
			),
			(int) 7 =&amp;gt; array(
				&amp;#039;id&amp;#039; =&amp;gt; &amp;#039;216&amp;#039;,
				&amp;#039;category_id&amp;#039; =&amp;gt; &amp;#039;11&amp;#039;,
				&amp;#039;title&amp;#039; =&amp;gt; &amp;#039;What is Free Float Market Capitalization method? How it is calculated?&amp;#039;,
				&amp;#039;slug&amp;#039; =&amp;gt; &amp;#039;free-float-market-capitalization-method&amp;#039;,
				&amp;#039;content&amp;#039; =&amp;gt; &amp;#039;&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Free float market capitalization:&amp;lt;/u&amp;gt;&amp;amp;nbsp;&amp;lt;/strong&amp;gt;The free float is a measure of the stocks of a company which are actually available in the market for public to buy and sell. Generally the shares held by the promoters are not available for the public to trade in the stock market, thus Free Float Market Capitalization method does not consider these shareholdings while computing the market capitalization of the company.&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;The main goal in Free Float calculation is to distinguish between strategic shareholders (promoters etc.), whose holdings depend on concerns such as exercising the control rather than the economic fortunes of the company, and those holders (public) whose investments depend on the stock&amp;amp;#39;s price and their evaluation of a company&amp;amp;#39;s future prospects. This method is widely used in computation of stock indices across the world.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Exclusions while calculating free-float market capitalization:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;Following shareholdings are generally excluded while calculating free-float market capitalization:&amp;lt;/p&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;Shares held by founders/directors/acquirers which have control element&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Shares held by persons/ bodies with Controlling Interest&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Shares held by the Government as promoters/acquirers of the company.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Share holdings made through the foreign direct Investment (FDI) route&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Strategic stakes by private corporate bodies/ individuals&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Cross holdings: Equity held by associate/group companies such as holding &amp;amp;amp; subsidiary companies hold shares of each other/ one in another etc.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Equity held by Employee Welfare Trusts&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Locked-in shares and shares which would not be sold in the open market in normal course&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Free-float factor:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;Free-float factor is a multiple with which the total market capitalization of a company is adjusted to arrive at the Free-float market capitalization. It is a factor that is arrived after excluding the float which is not free (listed out in above exclusions).&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Example: &amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;Shareholding pattern of VRP Ltd., having total 50, 00,000 shares of Rs.10 each is as below:&amp;lt;/p&amp;gt;

&amp;lt;table border=&amp;quot;1&amp;quot; class=&amp;quot;table&amp;quot;&amp;gt;
	&amp;lt;tbody&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;&amp;lt;strong&amp;gt;Category&amp;lt;/strong&amp;gt;&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;&amp;lt;strong&amp;gt;No of Shares held&amp;lt;/strong&amp;gt;&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;&amp;lt;strong&amp;gt;% of holding&amp;lt;/strong&amp;gt;&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;Promoters&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;20,00,000&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;40&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;Shares held by FDI route&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;1,00,000&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;2&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;Employee welfare trust&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;50,000&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;1&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;Controlling interest&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;50,000&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;1&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;&amp;lt;strong&amp;gt;Total&amp;lt;/strong&amp;gt;&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;&amp;lt;strong&amp;gt;22,00,000&amp;lt;/strong&amp;gt;&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;&amp;lt;strong&amp;gt;44&amp;lt;/strong&amp;gt;&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
	&amp;lt;/tbody&amp;gt;
&amp;lt;/table&amp;gt;

&amp;lt;p&amp;gt;Free-float factor = (100-44)/100 = 0.56. If we multiply this factor with the total market capitalization which is arrived by multiplying the total number of shares (100%) with existing market place, we would get free float market capitalization.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;How free float affects the trading in market?&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;If the free float of a company is larger, the volatility of the company&amp;amp;rsquo;s shares in the stock market would be lower and vice-versa. This is because the Companies with a smaller free float are likely to see more share price volatility as its entire trading is carried out by fewer traders moving the price significantly.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Advantages of free-float methodology:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;ol&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Realistic market trends:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/li&amp;gt;
&amp;lt;/ol&amp;gt;

&amp;lt;p&amp;gt;A Free-float method reflects the market trends more rationally as it considers only those shares that are available for trading in the market.&amp;lt;/p&amp;gt;

&amp;lt;ol start=&amp;quot;2&amp;quot;&amp;gt;
	&amp;lt;li&amp;gt;Stock indices that are calculated using Free-float Methodology make the index more broad-based by reducing the concentration of top few companies in Index.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Elimination of undue influence of lock-in stocks:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/li&amp;gt;
&amp;lt;/ol&amp;gt;

&amp;lt;p&amp;gt;In case of free float method, shareholdings that are not available in the market for trading are eliminated while calculating the market capitalization. Thus, the undue advantage enjoyed by the companies with large market capitalization and low free-float is eliminated. In case of full market capitalization method, inclusion of companies with larger free float with those having lesser free float but more market capitalization would distort the overall index construction.&amp;lt;/p&amp;gt;

&amp;lt;ol start=&amp;quot;4&amp;quot;&amp;gt;
	&amp;lt;li&amp;gt;Free float methodology is widely used in all the developed economies. That, it best serves the foreign institutional investors to monitor the index in a standard methodology.&amp;lt;/li&amp;gt;
&amp;lt;/ol&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;Recommended Articles&amp;lt;/strong&amp;gt;&amp;lt;/p&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/index-funds.html&amp;quot; title=&amp;quot;Index funds - Popularity in India, Warrant buffet on Index funds, Merits&amp;quot;&amp;gt;Index funds&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/indian-depository-receipts.html&amp;quot; target=&amp;quot;_blank&amp;quot; title=&amp;quot;Indian Depository Receipts - Eligibility, Minimum size of an IDR issue&amp;quot;&amp;gt;Indian Depository Receipts&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/listing-securities-nse-debt-segment.html&amp;quot; title=&amp;quot;Listing of securities on NSE Debt segment: Eligibility criteria &amp;amp;amp; Process&amp;quot;&amp;gt;Listing of securities on NSE Debt segment&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/graded-surveillance-measure.html&amp;quot; title=&amp;quot;Graded Surveillance Measure (GSM) by SEBI Detailed Explained&amp;quot;&amp;gt;Graded Surveillance Measure&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;
&amp;#039;,
				&amp;#039;img&amp;#039; =&amp;gt; &amp;#039;free-float-market-capitalization-method-2961.jpeg&amp;#039;,
				&amp;#039;alt_tag&amp;#039; =&amp;gt; &amp;#039;Free Float Market Capitalization method&amp;#039;,
				&amp;#039;meta_description&amp;#039; =&amp;gt; &amp;#039;Free float market capitalization: A The free float is a measure of the stocks of a company which are actually available in the market for public to buy &amp;amp; sell&amp;#039;,
				&amp;#039;meta_keywords&amp;#039; =&amp;gt; &amp;#039;Share Market, Stock market&amp;#039;,
				&amp;#039;left_sidebar&amp;#039; =&amp;gt; &amp;#039;1&amp;#039;,
				&amp;#039;sidebar_title&amp;#039; =&amp;gt; &amp;#039;Free Float Market Capitalization method&amp;#039;,
				&amp;#039;visit_count&amp;#039; =&amp;gt; &amp;#039;538&amp;#039;,
				&amp;#039;status&amp;#039; =&amp;gt; &amp;#039;1&amp;#039;,
				&amp;#039;modified&amp;#039; =&amp;gt; &amp;#039;2019-06-02 06:08:16&amp;#039;,
				&amp;#039;created&amp;#039; =&amp;gt; &amp;#039;2017-12-18 07:56:16&amp;#039;
			),
			(int) 8 =&amp;gt; array(
				&amp;#039;id&amp;#039; =&amp;gt; &amp;#039;217&amp;#039;,
				&amp;#039;category_id&amp;#039; =&amp;gt; &amp;#039;11&amp;#039;,
				&amp;#039;title&amp;#039; =&amp;gt; &amp;#039;Commonly used terminology in High frequency trading - all details&amp;#039;,
				&amp;#039;slug&amp;#039; =&amp;gt; &amp;#039;commonly-used-terminology-in-high-frequency-trading&amp;#039;,
				&amp;#039;content&amp;#039; =&amp;gt; &amp;#039;&amp;lt;p&amp;gt;Commonly used terminology in High frequency trading: High-frequency Trading (HFT) is subfield of Algorithmic Trading. By the advances in computer technology and creating of sophisticated applications HFT has become very popular and promising way of implementing short-term strategies. Although trading strategies are already being used in the market, HFT has opened new doors to use this technology in full extent. HFT is another type of trading method in turning market positions over very quickly by exploiting these advanced technologies with highly low latency rates. Since its birth, it has become very popular and its popularity has increased highly in worldwide...&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Algorithm:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;Algorithm is a computer program that involves a sequence of operations executed step by step to solve a problem. Algorithms are the powerful tools that enable the computers solve the recurrent problems using a pre-designed set of instructions. Algorithms are the backbones of the technical infrastructure used for carrying out High frequency trading and algo trading.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Flash Trading:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;This is a controversial method of computer trading where the information about the orders of market participants is flashed to a section of traders typically HFT firms for a fraction of second before that is made available to the public. Thus, the HFT will get to know the market information a split second before the rest of the investors which is a kind of preferential treatment. This is not allowed in majority of the countries including India as it is biased towards a section of the traders enabling them unfairly exploit the market.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Colocation:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;In the context of high frequency trading, colocation is the process that allows the HFT firms to place their computer systems in the same premises where a stock exchange&amp;amp;rsquo;s servers are located. This allows the flash trading to happen. Usually the systems are connected with wire enabling the HFT systems to access information a split second before the rest. Exchanges charge certain amount of fee for this. In India BSE provides the fastest Co-location service with round trip network latency of less than 10 microseconds.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Latency:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;Latency is the time gap from the moment when the signal is sent till it reached the recipient. In the context of high frequency trading where milliseconds mean million dollars, latency plays very key role in profit making. HFT firms having their computer systems collocated in the stock exchange premises enjoy the low latency as the time required for a signal to travel in the network is very low when the receiver is very close within the periphery. HFT firms invest a lot of amount in acquiring sophisticated hardware and software that enable them to trade with the lowest latency.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Latency arbitrage &amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;When the HFT firms make profits by using the advantage of low latency in receiving the market information relating to buy, sell orders placed by other market participants that is known as latency arbitrage.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Liquidity rebates:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;To attract order flow while incentivizing market participants to provide liquidity at the most competitive prices, many stock exchanges and other non-exchange markets have adopted a fee structure where they pay a per-share rebate to their members to encourage them to place resting liquidity-providing orders on their trading systems. If an execution occurs, the liquidity providing &amp;amp;ldquo;maker&amp;amp;rdquo; receives a rebate, and the &amp;amp;ldquo;taker&amp;amp;rdquo; that executes against that resting order pays a fee to the market. Most of HFT firms have specially designed trading strategies to earn most out of the liquidity rebates by engaging in the trading at high volume.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Matching Engine:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;It is the computer system that matches the buying and selling orders in a stock exchange. It ensures the smooth functioning of the exchange. Matching engines are situated at exchange&amp;amp;rsquo;s premises which is why the HFT firms try to install their systems as much as close to the exchange to gain the advantage of faster processing.&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;Recommended Articles&amp;lt;/strong&amp;gt;&amp;lt;/p&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/index-funds.html&amp;quot; title=&amp;quot;Index funds - Popularity in India, Warrant buffet on Index funds, Merits&amp;quot;&amp;gt;Index funds&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/indian-depository-receipts.html&amp;quot; target=&amp;quot;_blank&amp;quot; title=&amp;quot;Indian Depository Receipts - Eligibility, Minimum size of an IDR issue&amp;quot;&amp;gt;Indian Depository Receipts&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/listing-securities-nse-debt-segment.html&amp;quot; title=&amp;quot;Listing of securities on NSE Debt segment: Eligibility criteria &amp;amp;amp; Process&amp;quot;&amp;gt;Listing of securities on NSE Debt segment&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/graded-surveillance-measure.html&amp;quot; title=&amp;quot;Graded Surveillance Measure (GSM) by SEBI Detailed Explained&amp;quot;&amp;gt;Graded Surveillance Measure&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;
&amp;#039;,
				&amp;#039;img&amp;#039; =&amp;gt; &amp;#039;commonly-used-terminology-in-high-frequency-trading-2841.jpg&amp;#039;,
				&amp;#039;alt_tag&amp;#039; =&amp;gt; &amp;#039;Commonly used terminology in High frequency trading&amp;#039;,
				&amp;#039;meta_description&amp;#039; =&amp;gt; &amp;#039;Commonly used terminology in High frequency trading: High-frequency Trading (HFT) is subfield of Algorithmic Trading. By the advances in computer technology&amp;#039;,
				&amp;#039;meta_keywords&amp;#039; =&amp;gt; &amp;#039;Share Market, Stock Market&amp;#039;,
				&amp;#039;left_sidebar&amp;#039; =&amp;gt; &amp;#039;1&amp;#039;,
				&amp;#039;sidebar_title&amp;#039; =&amp;gt; &amp;#039;Commonly used terminology in High frequency trading&amp;#039;,
				&amp;#039;visit_count&amp;#039; =&amp;gt; &amp;#039;562&amp;#039;,
				&amp;#039;status&amp;#039; =&amp;gt; &amp;#039;1&amp;#039;,
				&amp;#039;modified&amp;#039; =&amp;gt; &amp;#039;2019-06-02 06:07:57&amp;#039;,
				&amp;#039;created&amp;#039; =&amp;gt; &amp;#039;2017-12-18 08:00:09&amp;#039;
			),
			(int) 9 =&amp;gt; array(
				&amp;#039;id&amp;#039; =&amp;gt; &amp;#039;218&amp;#039;,
				&amp;#039;category_id&amp;#039; =&amp;gt; &amp;#039;11&amp;#039;,
				&amp;#039;title&amp;#039; =&amp;gt; &amp;#039;What is Periodic Call Auction Session? Trading in illiquid shares&amp;#039;,
				&amp;#039;slug&amp;#039; =&amp;gt; &amp;#039;periodic-call-auction-session&amp;#039;,
				&amp;#039;content&amp;#039; =&amp;gt; &amp;#039;&amp;lt;p&amp;gt;&amp;amp;nbsp;&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;What&amp;lt;/strong&amp;gt; &amp;lt;strong&amp;gt;is Periodic Call Auction Session? Trading in illiquid shares:&amp;amp;nbsp;&amp;lt;/strong&amp;gt;Periodic call auction session is a trading mechanism that was introduced by SEBI in the year 2013 to facilitate the trading of illiquid stocks in the equity market. SEBI has issued certain guidelines for the same, on which this post is entirely based upon.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;What is an illiquid share?&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;For the purpose of periodic call auction, a scrip shall be classified as illiquid on a stock exchange if all the following conditions are satisfied:&amp;lt;/p&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;Average daily turnover of less than Rs.2 lakhs calculated for previous two quarters&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;The scrip is classified as illiquid at all Exchanges where it is traded&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;

&amp;lt;p&amp;gt;Of the stocks identified as per above criteria, stocks which satisfy &amp;lt;strong&amp;gt;any of the following&amp;lt;/strong&amp;gt; conditions shall be excluded.&amp;lt;/p&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;Securities having average market capitalization of more than Rs.10 crores&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Scrips where company is paying dividend in at least 2 out of last 3 years.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Scrips where company is profitable in at least 2 out of last 3 years, and not more than 20% of promoters shareholding is pledged in the latest quarter and book value is 3 times or more than the face value&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Periodic call auction session:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;All equity stocks which are classified as illiquid as per above listed criteria will be part of Periodic Call Auction Session. Each slot of periodic call auction session (PCAS) lasts for an hour starting at 9:30 am. The last session in a day ends at 3.30 pm. normally, in a day the schedule will be as follows.&amp;lt;/p&amp;gt;

&amp;lt;table border=&amp;quot;1&amp;quot; class=&amp;quot;table&amp;quot;&amp;gt;
	&amp;lt;tbody&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;&amp;lt;strong&amp;gt;PCA Session number&amp;lt;/strong&amp;gt;&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;&amp;lt;strong&amp;gt;Starting time&amp;lt;/strong&amp;gt;&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;&amp;lt;strong&amp;gt;Ending time&amp;lt;/strong&amp;gt;&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;Session &amp;amp;ndash; 1&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;9:30 am&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;10:30 am&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;Session &amp;amp;ndash; 2&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;10:30 am&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;11:30 am&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;Session &amp;amp;ndash; 3&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;11:30 am&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;12:30 pm&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;Session &amp;amp;ndash; 4&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;12:30 pm&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;1:30 pm&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;Session &amp;amp;ndash; 5&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;1:30 pm&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;2:30 pm&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;Session &amp;amp;ndash; 6&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;2:30 pm&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;3:30 pm&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
	&amp;lt;/tbody&amp;gt;
&amp;lt;/table&amp;gt;

&amp;lt;p&amp;gt;However, SEBI has further rationalized the number of auction sessions by saying &amp;amp;ldquo;Stock Exchange may determine the number of call auction session for illiquid stocks. However in order have minimum trading sessions and uniform closing session, there shall be at least 2 sessions in a trading day with one uniform closing session across the exchanges&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Entry into the session:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;Stock exchanges are responsible to identify illiquid stocks at the beginning of every quarter and move them to periodic call auction mechanism. Once these are moved to PCAS, one cannot find them getting traded in regular trading platform during the normal hours.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Exit from the session:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;If the following criteria are met, Stock exchanges shall move scrips from periodic call auction mechanism to normal trading session&amp;lt;/p&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;The scrip has remained in periodic call auction for at least one quarter&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;It is not classified as illiquid as per the criteria for illiquidity mentioned at the beginning of this post.&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Notice to the market:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;A notice of two trading days shall be given to the market, stating the entry or exit of the securities in the periodic call auction session.&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;Activities during each trading session:&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;Each Periodic Call Auction Session will be divided into following 3 activities:&amp;lt;/p&amp;gt;

&amp;lt;ol&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;span style=&amp;quot;color:#e74c3c&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Order entry:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/li&amp;gt;
&amp;lt;/ol&amp;gt;

&amp;lt;p&amp;gt;In which 45 minutes shall be allowed for order entry, order modification and order cancellation.&amp;lt;/p&amp;gt;

&amp;lt;ol start=&amp;quot;2&amp;quot;&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;span style=&amp;quot;color:#e74c3c&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Order matching:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/li&amp;gt;
&amp;lt;/ol&amp;gt;

&amp;lt;p&amp;gt;In this 8 minutes shall be allowed for order matching and trade confirmation&amp;lt;/p&amp;gt;

&amp;lt;ol start=&amp;quot;3&amp;quot;&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;span style=&amp;quot;color:#e74c3c&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Buffer period:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/li&amp;gt;
&amp;lt;/ol&amp;gt;

&amp;lt;p&amp;gt;Remaining 7 minutes shall be a buffer period for closing the current session and facilitating the transition to next session&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;What about unmatched orders?&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;SEBI has clarified that un-matched orders remaining at the end of a call auction session may be moved into next call auction session. Also, one should note that only limit &amp;amp;amp; market order types are allowed for illiquid stocks in Periodic Call Auction Session.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Penalties:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;In the event where maximum of buy price entered by a client&amp;amp;nbsp; is equal to or higher than the minimum sell price entered by that client and if the same results into trades, a penalty shall be imposed on such trades&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;The penalty shall be calculated and charged by the exchange and collected from trading members on a daily basis. Trading members may recover such penalty from clients. The penalty so collected shall be deposited to Investor Protection Fund. Penalty for each session will be as follows:&amp;lt;/p&amp;gt;

&amp;lt;table border=&amp;quot;1&amp;quot; class=&amp;quot;table&amp;quot;&amp;gt;
	&amp;lt;tbody&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;1&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;0.50% of the trade value for sale and 0.50% of trade value for the buy, resulting in 1% penalty for the client on PAN basis.&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;2&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;2500 /- for the buy trade and 2500 /- for the sell trade, resulting in penalty of 5000/- for the client on PAN Basis&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
	&amp;lt;/tbody&amp;gt;
&amp;lt;/table&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;Recommended Articles&amp;lt;/strong&amp;gt;&amp;lt;/p&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/index-funds.html&amp;quot; title=&amp;quot;Index funds - Popularity in India, Warrant buffet on Index funds, Merits&amp;quot;&amp;gt;Index funds&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/indian-depository-receipts.html&amp;quot; target=&amp;quot;_blank&amp;quot; title=&amp;quot;Indian Depository Receipts - Eligibility, Minimum size of an IDR issue&amp;quot;&amp;gt;Indian Depository Receipts&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/listing-securities-nse-debt-segment.html&amp;quot; title=&amp;quot;Listing of securities on NSE Debt segment: Eligibility criteria &amp;amp;amp; Process&amp;quot;&amp;gt;Listing of securities on NSE Debt segment&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/graded-surveillance-measure.html&amp;quot; title=&amp;quot;Graded Surveillance Measure (GSM) by SEBI Detailed Explained&amp;quot;&amp;gt;Graded Surveillance Measure&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;
&amp;#039;,
				&amp;#039;img&amp;#039; =&amp;gt; &amp;#039;periodic-call-auction-session-0070.png&amp;#039;,
				&amp;#039;alt_tag&amp;#039; =&amp;gt; &amp;#039;Periodic Call Auction Session&amp;#039;,
				&amp;#039;meta_description&amp;#039; =&amp;gt; &amp;#039;What is Periodic Call Auction Session? Trading in illiquid shares:A Periodic call auction session is a trading mechanism that was introduced by SEBI in 2013.&amp;#039;,
				&amp;#039;meta_keywords&amp;#039; =&amp;gt; &amp;#039;Share Market, Stock Market&amp;#039;,
				&amp;#039;left_sidebar&amp;#039; =&amp;gt; &amp;#039;1&amp;#039;,
				&amp;#039;sidebar_title&amp;#039; =&amp;gt; &amp;#039;Periodic Call Auction Session&amp;#039;,
				&amp;#039;visit_count&amp;#039; =&amp;gt; &amp;#039;736&amp;#039;,
				&amp;#039;status&amp;#039; =&amp;gt; &amp;#039;1&amp;#039;,
				&amp;#039;modified&amp;#039; =&amp;gt; &amp;#039;2019-06-02 06:07:51&amp;#039;,
				&amp;#039;created&amp;#039; =&amp;gt; &amp;#039;2017-12-18 08:03:41&amp;#039;
			),
			(int) 10 =&amp;gt; array(
				&amp;#039;id&amp;#039; =&amp;gt; &amp;#039;219&amp;#039;,
				&amp;#039;category_id&amp;#039; =&amp;gt; &amp;#039;11&amp;#039;,
				&amp;#039;title&amp;#039; =&amp;gt; &amp;#039;Graded Surveillance Measure (GSM) by SEBI Detailed Explained&amp;#039;,
				&amp;#039;slug&amp;#039; =&amp;gt; &amp;#039;graded-surveillance-measure&amp;#039;,
				&amp;#039;content&amp;#039; =&amp;gt; &amp;#039;&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;Graded Surveillance Measure&amp;lt;/strong&amp;gt; is a pre-emptive method of Surveillance introduced by Securities and Exchange Board of India (SEBI) to closely observe the securities which witness an abnormal price rise not commensurate with financial health and fundamentals like company&amp;amp;rsquo;s Earnings, Book value, fixed assets, Net worth, Price earnings ratio etc. GSM came into force on from 14&amp;lt;sup&amp;gt;th&amp;lt;/sup&amp;gt; March, 2017.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;The objectives of Graded Surveillance Measure are:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;Alert and advise the investors to be extra careful while dealing in these securities and&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Advise market participants to carry out necessary due diligence while dealing in these securities&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Surveillance actions under GSM:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;Currently, there are 6 stages of surveillance under GSM where each stage has a pre-defined surveillance action. Stock exchanges monitor the price movement and corresponding criteria before placing the securities in various stages. Following are the 6 stages of GSM:&amp;lt;/p&amp;gt;

&amp;lt;table border=&amp;quot;1&amp;quot; class=&amp;quot;table&amp;quot;&amp;gt;
	&amp;lt;tbody&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;&amp;lt;strong&amp;gt;Stage&amp;lt;/strong&amp;gt;&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;&amp;lt;strong&amp;gt;Surveillance action&amp;lt;/strong&amp;gt;&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;1&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;
			&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Transfer to Trade for Trade settlement with price band of 5% or lower as applicable:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/p&amp;gt;

			&amp;lt;p&amp;gt;In this stage, trade should take place only with settlement. No speculative trade is allowed. Payment clearance and delivery share should mandatorily take place. While doing so, maximum 5% movement in the share price is allowed.&amp;lt;/p&amp;gt;
			&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;2&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;
			&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Trade for Trade with price band of 5% or lower as applicable and Additional Surveillance Deposit (ASD) of 100% of trade value to be collected from Buyer&amp;lt;/u&amp;gt;:&amp;lt;/strong&amp;gt;&amp;lt;/p&amp;gt;

			&amp;lt;p&amp;gt;Along with the stage one being implemented, an additional surveillance deposit of 100% of the trade value is collected from the buyer of the share. This amount will be retained for 5 months before starting the refund in a phased manner.&amp;lt;/p&amp;gt;
			&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;3&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;Trading permitted once a week (Every Monday) and ASD of 100% of trade value to be Collected from Buyer.&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;4&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;Trading permitted once a week (Every Monday) with ASD of 200% of trade value to be collected from Buyer&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;5&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;Trading permitted once a month (First Monday of the month) with ASD of 200% of trade value to be collected from Buyer&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;6&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;Trading permitted once a month (First Monday of the month) with no upward movement in price of the security with ASD of 200% of trade value to be collected From Buyer.&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
	&amp;lt;/tbody&amp;gt;
&amp;lt;/table&amp;gt;

&amp;lt;p&amp;gt;Details of the securities under GSM are updated on the website of the stock exchanges via below URL&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;a href=&amp;quot;https://www.nseindia.com/invest/content/List_of_securities_shortlisted_under_GSM.csv&amp;quot;&amp;gt;https://www.nseindia.com/invest/content/List_of_securities_shortlisted_under_GSM.csv&amp;lt;/a&amp;gt;&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Moving the securities out of GSM:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;A quarterly review process is held by the stock exchanges based on pre-defined criteria for moving the securities in/out of GSM. After assessing the position of the securities, the applicable securities will be moved back from a higher stage to a lower stage in a sequential manner.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Repayment schedule of Additional Surveillance Deposit (ASD):&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;ASD collected during various stages of the GSM will be retained for 5 months and will be repaid as per below schedule:&amp;lt;/p&amp;gt;

&amp;lt;table border=&amp;quot;1&amp;quot; class=&amp;quot;table&amp;quot;&amp;gt;
	&amp;lt;tbody&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;&amp;lt;strong&amp;gt;If collected in &amp;lt;/strong&amp;gt;&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;&amp;lt;strong&amp;gt;Repaid on 2&amp;lt;sup&amp;gt;nd&amp;lt;/sup&amp;gt; Monday of&amp;lt;/strong&amp;gt;&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;April - 2017&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;October &amp;amp;ndash; 2017&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;May - 2017&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;November &amp;amp;ndash; 2017&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;June - 2017&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;December &amp;amp;ndash; 2017&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;July - 2017&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;January &amp;amp;ndash; 2018&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;August - 2017&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;February &amp;amp;ndash; 2018&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;September - 2017&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;March &amp;amp;ndash; 2018&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;October - 2017&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;April &amp;amp;ndash; 2018&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
	&amp;lt;/tbody&amp;gt;
&amp;lt;/table&amp;gt;

&amp;lt;p&amp;gt;With respect to the securities moving out of the GSM, a separate notice will be given by stock exchanges disclosing the date of release of ASD.&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;Recommended Articles&amp;lt;/strong&amp;gt;&amp;lt;/p&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/index-funds.html&amp;quot; title=&amp;quot;Index funds - Popularity in India, Warrant buffet on Index funds, Merits&amp;quot;&amp;gt;Index funds&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/indian-depository-receipts.html&amp;quot; target=&amp;quot;_blank&amp;quot; title=&amp;quot;Indian Depository Receipts - Eligibility, Minimum size of an IDR issue&amp;quot;&amp;gt;Indian Depository Receipts&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/listing-securities-nse-debt-segment.html&amp;quot; title=&amp;quot;Listing of securities on NSE Debt segment: Eligibility criteria &amp;amp;amp; Process&amp;quot;&amp;gt;Listing of securities on NSE Debt segment&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/graded-surveillance-measure.html&amp;quot; title=&amp;quot;Graded Surveillance Measure (GSM) by SEBI Detailed Explained&amp;quot;&amp;gt;Graded Surveillance Measure&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;
&amp;#039;,
				&amp;#039;img&amp;#039; =&amp;gt; &amp;#039;graded-surveillance-measure-6442.png&amp;#039;,
				&amp;#039;alt_tag&amp;#039; =&amp;gt; &amp;#039;Graded Surveillance Measure&amp;#039;,
				&amp;#039;meta_description&amp;#039; =&amp;gt; &amp;#039;Graded Surveillance Measure is a pre-emptive method of Surveillance introduced by Securities and Exchange Board of India to closely observe the securities.&amp;#039;,
				&amp;#039;meta_keywords&amp;#039; =&amp;gt; &amp;#039;Share Market, Stock Market&amp;#039;,
				&amp;#039;left_sidebar&amp;#039; =&amp;gt; &amp;#039;1&amp;#039;,
				&amp;#039;sidebar_title&amp;#039; =&amp;gt; &amp;#039;Graded Surveillance Measure&amp;#039;,
				&amp;#039;visit_count&amp;#039; =&amp;gt; &amp;#039;691&amp;#039;,
				&amp;#039;status&amp;#039; =&amp;gt; &amp;#039;1&amp;#039;,
				&amp;#039;modified&amp;#039; =&amp;gt; &amp;#039;2019-06-02 06:06:35&amp;#039;,
				&amp;#039;created&amp;#039; =&amp;gt; &amp;#039;2017-12-18 08:09:43&amp;#039;
			),
			(int) 11 =&amp;gt; array(
				&amp;#039;id&amp;#039; =&amp;gt; &amp;#039;220&amp;#039;,
				&amp;#039;category_id&amp;#039; =&amp;gt; &amp;#039;11&amp;#039;,
				&amp;#039;title&amp;#039; =&amp;gt; &amp;#039;Listing of securities on NSE Debt segment: Eligibility criteria &amp;amp; Process&amp;#039;,
				&amp;#039;slug&amp;#039; =&amp;gt; &amp;#039;listing-securities-nse-debt-segment&amp;#039;,
				&amp;#039;content&amp;#039; =&amp;gt; &amp;#039;&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Listing of securities on NSE Debt segment:&amp;lt;/u&amp;gt;&amp;amp;nbsp;&amp;lt;/strong&amp;gt;In the financial market, there are a variety of debt instruments and securities that are issued by the enterprises of wide spectrum being in public and private sectors. The debt instruments issued by government of all stages are generally deemed to be listed and considered to be carrying more liquidity than those issued by the players who have not got them listed on the exchanges.&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;National stock exchange (NSE) provides for a platform where the debt instruments and securities can be listed upon meeting the eligibility criteria and the underlying conditions. Debt instruments have increasingly becoming popular over the time, so is the market capitalization of the listed securities on the Debt segment.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Eligibility criteria to list on NSE Debt segment:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;Eligibility criteria differ from issuer to issuer based on which category he falls in. It also changes based on the kind of instruments such as structured or non-structured, market linked or not etc.&amp;lt;/p&amp;gt;

&amp;lt;h3&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;1. When the issuer is a Public limited company or Private limited company:&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h3&amp;gt;

&amp;lt;table border=&amp;quot;1&amp;quot; class=&amp;quot;table&amp;quot;&amp;gt;
	&amp;lt;tbody&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;&amp;lt;strong&amp;gt;Structured Product/Market Linked Debentures&amp;lt;/strong&amp;gt;&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;&amp;lt;strong&amp;gt;Non-Structured Product/Non-Market linked Debentures&amp;lt;/strong&amp;gt;&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;
			&amp;lt;ul&amp;gt;
				&amp;lt;li&amp;gt;Networth of 100 crores&amp;lt;/li&amp;gt;
				&amp;lt;li&amp;gt;Credit Rating prefix of &amp;amp;lsquo;PP-MLD&amp;amp;rsquo;&amp;lt;/li&amp;gt;
			&amp;lt;/ul&amp;gt;
			&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;
			&amp;lt;ul&amp;gt;
				&amp;lt;li&amp;gt;Paid-up capital of Rs.10 crore&amp;lt;/li&amp;gt;
				&amp;lt;li&amp;gt;Market capitalization of Rs.25 crores&amp;lt;/li&amp;gt;
				&amp;lt;li&amp;gt;In case of unlisted companies Networth more than Rs.25 crores&amp;lt;/li&amp;gt;
				&amp;lt;li&amp;gt;Compulsory Credit rating&amp;lt;/li&amp;gt;
			&amp;lt;/ul&amp;gt;
			&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
	&amp;lt;/tbody&amp;gt;
&amp;lt;/table&amp;gt;

&amp;lt;h3&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;2. If the issuer is a Bank:&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h3&amp;gt;

&amp;lt;table border=&amp;quot;1&amp;quot; class=&amp;quot;table&amp;quot;&amp;gt;
	&amp;lt;tbody&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;&amp;lt;strong&amp;gt;Structured Product/Market Linked Debentures&amp;lt;/strong&amp;gt;&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;&amp;lt;strong&amp;gt;Non-Structured Product/Non-Market linked Debentures&amp;lt;/strong&amp;gt;&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;
			&amp;lt;ul&amp;gt;
				&amp;lt;li&amp;gt;Networth of 100 crores&amp;lt;/li&amp;gt;
				&amp;lt;li&amp;gt;Credit Rating prefix of &amp;amp;lsquo;PP-MLD&amp;amp;rsquo;&amp;lt;/li&amp;gt;
				&amp;lt;li&amp;gt;Qualifies for listing&amp;lt;/li&amp;gt;
			&amp;lt;/ul&amp;gt;
			&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;
			&amp;lt;ul&amp;gt;
				&amp;lt;li&amp;gt;Should be a scheduled bank&amp;lt;/li&amp;gt;
				&amp;lt;li&amp;gt;Networth of Rs.50 crores or above&amp;lt;/li&amp;gt;
				&amp;lt;li&amp;gt;Qualifies for listing&amp;lt;/li&amp;gt;
			&amp;lt;/ul&amp;gt;
			&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
	&amp;lt;/tbody&amp;gt;
&amp;lt;/table&amp;gt;

&amp;lt;h3&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;3. If the issuer is a financial institution including industrial development corporation:&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h3&amp;gt;

&amp;lt;table border=&amp;quot;1&amp;quot; class=&amp;quot;table&amp;quot;&amp;gt;
	&amp;lt;tbody&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;&amp;lt;strong&amp;gt;Structured Product/Market Linked Debentures&amp;lt;/strong&amp;gt;&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;&amp;lt;strong&amp;gt;Non-Structured Product/Non-Market linked Debentures&amp;lt;/strong&amp;gt;&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;
			&amp;lt;ul&amp;gt;
				&amp;lt;li&amp;gt;Networth of 100 crores&amp;lt;/li&amp;gt;
				&amp;lt;li&amp;gt;Credit Rating prefix of &amp;amp;lsquo;PP-MLD&amp;amp;rsquo;&amp;lt;/li&amp;gt;
				&amp;lt;li&amp;gt;Qualifies for listing&amp;lt;/li&amp;gt;
			&amp;lt;/ul&amp;gt;
			&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;
			&amp;lt;ul&amp;gt;
				&amp;lt;li&amp;gt;Qualifies for listing&amp;lt;/li&amp;gt;
				&amp;lt;li&amp;gt;Compulsory Credit rating&amp;lt;/li&amp;gt;
			&amp;lt;/ul&amp;gt;
			&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
	&amp;lt;/tbody&amp;gt;
&amp;lt;/table&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;4. When the issuer is a PSU/ corporation established under Special Act of Parliament or State Legislature, Local bodies/authorities:&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/p&amp;gt;

&amp;lt;table border=&amp;quot;1&amp;quot; class=&amp;quot;table&amp;quot;&amp;gt;
	&amp;lt;tbody&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;&amp;lt;strong&amp;gt;Structured Product/Market Linked Debentures&amp;lt;/strong&amp;gt;&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;&amp;lt;strong&amp;gt;Non-Structured Product/Non-Market linked Debentures&amp;lt;/strong&amp;gt;&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;
			&amp;lt;ul&amp;gt;
				&amp;lt;li&amp;gt;Networth of 100 crores&amp;lt;/li&amp;gt;
				&amp;lt;li&amp;gt;Credit Rating prefix of &amp;amp;lsquo;PP-MLD&amp;amp;rsquo;&amp;lt;/li&amp;gt;
				&amp;lt;li&amp;gt;Qualifies for listing&amp;lt;/li&amp;gt;
			&amp;lt;/ul&amp;gt;
			&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;
			&amp;lt;ul&amp;gt;
				&amp;lt;li&amp;gt;Qualifies for listing&amp;lt;/li&amp;gt;
				&amp;lt;li&amp;gt;Compulsory Credit rating&amp;lt;/li&amp;gt;
			&amp;lt;/ul&amp;gt;
			&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
	&amp;lt;/tbody&amp;gt;
&amp;lt;/table&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;5. In case of Mutual Funds: Units of any SEBI registered Mutual Fund/scheme : Investment objective to invest predominantly in debt or Scheme is traded in secondary market as debt instrument:&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/p&amp;gt;

&amp;lt;table border=&amp;quot;1&amp;quot; class=&amp;quot;table&amp;quot;&amp;gt;
	&amp;lt;tbody&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;&amp;lt;strong&amp;gt;Structured Product/Market Linked Debentures&amp;lt;/strong&amp;gt;&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;&amp;lt;strong&amp;gt;Non-Structured Product/Non-Market linked Debentures&amp;lt;/strong&amp;gt;&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;
			&amp;lt;ul&amp;gt;
				&amp;lt;li&amp;gt;Networth of 100 crores&amp;lt;/li&amp;gt;
				&amp;lt;li&amp;gt;Credit Rating prefix of &amp;amp;lsquo;PP-MLD&amp;amp;rsquo;&amp;lt;/li&amp;gt;
				&amp;lt;li&amp;gt;Qualifies for listing&amp;lt;/li&amp;gt;
			&amp;lt;/ul&amp;gt;
			&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;
			&amp;lt;ul&amp;gt;
				&amp;lt;li&amp;gt;Qualifies for listing&amp;lt;/li&amp;gt;
			&amp;lt;/ul&amp;gt;
			&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
	&amp;lt;/tbody&amp;gt;
&amp;lt;/table&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;6. In the case of infrastructure companies : Tax exemption and recognition as infrastructure company under related statutes/regulations:&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/p&amp;gt;

&amp;lt;table border=&amp;quot;1&amp;quot; class=&amp;quot;table&amp;quot;&amp;gt;
	&amp;lt;tbody&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;&amp;lt;strong&amp;gt;Structured Product/Market Linked Debentures&amp;lt;/strong&amp;gt;&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;&amp;lt;strong&amp;gt;Non-Structured Product/Non-Market linked Debentures&amp;lt;/strong&amp;gt;&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;
			&amp;lt;ul&amp;gt;
				&amp;lt;li&amp;gt;Networth of 100 crores&amp;lt;/li&amp;gt;
				&amp;lt;li&amp;gt;Credit Rating prefix of &amp;amp;lsquo;PP-MLD&amp;amp;rsquo;&amp;lt;/li&amp;gt;
				&amp;lt;li&amp;gt;Qualifies for listing&amp;lt;/li&amp;gt;
			&amp;lt;/ul&amp;gt;
			&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;
			&amp;lt;ul&amp;gt;
				&amp;lt;li&amp;gt;Qualifies for listing&amp;lt;/li&amp;gt;
				&amp;lt;li&amp;gt;Compulsory Credit rating&amp;lt;/li&amp;gt;
			&amp;lt;/ul&amp;gt;
			&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
	&amp;lt;/tbody&amp;gt;
&amp;lt;/table&amp;gt;

&amp;lt;p&amp;gt;If the equity shares of an issuer are listed on other stock exchanges but not listed on Capital Market segment of the Exchange, though eligible, then the debt securities of the said issuer will not be permitted to be listed on the Debt segment&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Qualifies for listing&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;Wherever it is mentioned as &amp;amp;ldquo;Qualifies for listing&amp;amp;rdquo; in the criteria listed out there above, it means the issuer should qualify for listing under the respective Acts, Rules or Regulations under which the securities are issued.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Credit Rating prefix of &amp;amp;lsquo;PP-MLD&amp;amp;rsquo;:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;PP-MLD is a standardized rating symbol which means &amp;amp;ldquo;Principal protected market linked debentures&amp;amp;rdquo;.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Listing process &amp;amp;amp; Conditions associated with it:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;If the issuer of a security wants to list his securities, he has to forward an application in the format prescribed in Annexure I, which can be downloaded by visiting below link:&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;a href=&amp;quot;https://www.nseindia.com/getting_listed/resources/download/debt_applform1.xlsx&amp;quot;&amp;gt;https://www.nseindia.com/getting_listed/resources/download/debt_applform1.xlsx&amp;lt;/a&amp;gt;&amp;lt;/p&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;Along with the application, the issuer has to submit such supporting documents/information as specified in Annexure I.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;On getting in-principle consent of the exchange the issuer has to enter into a listing agreement in the prescribed format under its common seal.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Upon listing, the issuer has to ensure that all requirements of law, any guidelines/directions of Central Government, other Statutory or local authority are complied.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;The Issuer shall also comply with the post listing compliance as laid out in the listing agreement and shall also comply with the rules, bye-laws, regulations and any other guidelines of the Exchange as amended from time to time&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;Recommended Articles&amp;lt;/strong&amp;gt;&amp;lt;/p&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/index-funds.html&amp;quot; title=&amp;quot;Index funds - Popularity in India, Warrant buffet on Index funds, Merits&amp;quot;&amp;gt;Index funds&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/indian-depository-receipts.html&amp;quot; target=&amp;quot;_blank&amp;quot; title=&amp;quot;Indian Depository Receipts - Eligibility, Minimum size of an IDR issue&amp;quot;&amp;gt;Indian Depository Receipts&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/listing-securities-nse-debt-segment.html&amp;quot; title=&amp;quot;Listing of securities on NSE Debt segment: Eligibility criteria &amp;amp;amp; Process&amp;quot;&amp;gt;Listing of securities on NSE Debt segment&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/graded-surveillance-measure.html&amp;quot; title=&amp;quot;Graded Surveillance Measure (GSM) by SEBI Detailed Explained&amp;quot;&amp;gt;Graded Surveillance Measure&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;
&amp;#039;,
				&amp;#039;img&amp;#039; =&amp;gt; &amp;#039;nse-debt-segment-n-5049.jpg&amp;#039;,
				&amp;#039;alt_tag&amp;#039; =&amp;gt; &amp;#039;Listing of securities on NSE Debt segment&amp;#039;,
				&amp;#039;meta_description&amp;#039; =&amp;gt; &amp;#039;Listing of securities on NSE Debt segment:A In the financial market, there are a variety of debt instruments &amp;amp; securities that are issued by the enterprises.&amp;#039;,
				&amp;#039;meta_keywords&amp;#039; =&amp;gt; &amp;#039;Share market, Stock Market&amp;#039;,
				&amp;#039;left_sidebar&amp;#039; =&amp;gt; &amp;#039;1&amp;#039;,
				&amp;#039;sidebar_title&amp;#039; =&amp;gt; &amp;#039;Listing of securities on NSE Debt segment&amp;#039;,
				&amp;#039;visit_count&amp;#039; =&amp;gt; &amp;#039;575&amp;#039;,
				&amp;#039;status&amp;#039; =&amp;gt; &amp;#039;1&amp;#039;,
				&amp;#039;modified&amp;#039; =&amp;gt; &amp;#039;2019-06-02 06:06:30&amp;#039;,
				&amp;#039;created&amp;#039; =&amp;gt; &amp;#039;2017-12-18 08:14:54&amp;#039;
			),
			(int) 12 =&amp;gt; array(
				&amp;#039;id&amp;#039; =&amp;gt; &amp;#039;222&amp;#039;,
				&amp;#039;category_id&amp;#039; =&amp;gt; &amp;#039;11&amp;#039;,
				&amp;#039;title&amp;#039; =&amp;gt; &amp;#039;Indian Depository Receipts - Eligibility, Minimum size of an IDR issue&amp;#039;,
				&amp;#039;slug&amp;#039; =&amp;gt; &amp;#039;indian-depository-receipts&amp;#039;,
				&amp;#039;content&amp;#039; =&amp;gt; &amp;#039;&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Indian Depository Receipt (IDR):&amp;lt;/u&amp;gt;&amp;amp;nbsp;&amp;lt;/strong&amp;gt;An Indian Depository Receipt is a financial instrument in the form of a depository receipt denominated in Indian rupees. Indian Depository Receipts are created by a Domestic Depository (custodian of securities registered with the Securities and Exchange Board of India) against the underlying equity of issuing company to enable foreign companies to raise funds from the Indian securities Markets.&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;Central Government notified the Companies (Issue of Indian Depository Receipts) Rules, 2004 (IDR Rules) pursuant to Companies Act. Disclosure guidelines were issued by SEBI with respect to IDRs. Also, SEBI notified the model listing agreement to be entered between Stock Exchange and the foreign issuer specifying continuous listing requirements.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Eligibility criteria to issue IDRs:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;The foreign issuing company shall meet criteria enumerated below:&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Pre&amp;amp;acirc;&amp;amp;euro;issue paid&amp;amp;acirc;&amp;amp;euro;up capital and free reserves:&amp;lt;/u&amp;gt;&amp;amp;nbsp;&amp;lt;/strong&amp;gt;The company should have pre&amp;amp;acirc;&amp;amp;euro;issue paid&amp;amp;acirc;&amp;amp;euro;up capital and free reserves of at least US$ 50 million and have a minimum average market capitalization (during the last 3 years) in its home country of at least US$ 100 million.&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Should have been listed in home country:&amp;lt;/u&amp;gt;&amp;amp;nbsp;&amp;lt;/strong&amp;gt;It should have been listed in its home country and not been prohibited to issue securities by any Regulatory Body and has a good track record with respect to compliance with securities market regulations in its home country&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Trading record in its home country:&amp;lt;/u&amp;gt;&amp;amp;nbsp;&amp;lt;/strong&amp;gt;The company should have a continuous trading record or history on a stock exchange in its home country for at least 3 immediately preceding years.&amp;lt;/p&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;It should have a track record of distributable profits for at least 3 out of immediately preceding 5 years.&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Minimum size &amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;of an IDR issue:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;The size of an IDR issue shall not be less than Rs. 50 crores&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Listing permission:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;The issuer company is required to obtain in-principle listing permission from all the recognized stock exchanges in which the issuer proposes to get its IDRs listed&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Issue process:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;The issue process is more or less similar to an IPO. A foreign company having met the eligibility criteria may arrange the required intermediaries in its home currency as well as in India. Then, issuer is required to file the draft prospectus with SEBI while complying with the requirements of SEBI (ICDR) Regulations, 2009.&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;Shares underlying IDRs will be deposited with an overseas custodian who will hold shares on behalf of a domestic depository. &amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Overseas Custodian Bank&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt; is a banking company which is established in a country outside India and has a place of business in India and acts as custodian for the equity shares of issuing company against which IDRs are proposed to be issued in the underlying equity shares of the issuer is deposited.&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;IDRs will be issued by &amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;a domestic depository&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;, who is a custodian of securities, registered with SEBI and authorized by the issuing company to issue Indian Depository Receipts. After issuance, The IDRs are required to be listed in at least one stock exchange in India having nationwide terminals.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Conversion of IDRs into Equity shares:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;Subject to the compliance of the related provisions of Foreign Exchange Management Act and Regulations issued thereunder by RBI &amp;amp;amp; SEBI, IDRs can be converted/ redeemed into the underlying equity shares. But this is possible only after the expiry of one year from the date of the listing of the IDRs. This facility will be available only during the fungibility window. Fungibility window is the time period specified by the issuer company during which IDR holders can apply for conversion/redemption of IDRs into underlying equity shares.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Requirements for investing in IDRs:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;Any person who is resident in India (as defined in FEMA) can buy the IDRs&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Minimum application amount in an IDR issue shall be Rs. 20,000&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Investments by Indian companies in IDRs shall not exceed the investment limits, if any, prescribed for them under applicable laws&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;At least 50% of the IDRs issued shall be subscribed to by Qualified institutional buyers (QIBs)&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;The balance 50% shall be available for subscription by non&amp;amp;shy;-institutional and retail investors&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Merits of IDRs:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;ol&amp;gt;
	&amp;lt;li&amp;gt;IDRs pave the best possible way for the foreign companies to raise funds from Indian market, thus an effective way to build its brand before commencing any full time operations.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;IDRs help the foreign companies expand their reach to international investors meeting the wider demand for its shares around the globe.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Investors in the Indian securities market having interested in the foreign companies do not have to go through the international procedural hurdles and cumbersome clearances to purchase a piece of equity in foreign companies. IDRs act as a simple medium to invest in their equity&amp;lt;/li&amp;gt;
&amp;lt;/ol&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;Recommended Articles&amp;lt;/strong&amp;gt;&amp;lt;/p&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/index-funds.html&amp;quot; title=&amp;quot;Index funds - Popularity in India, Warrant buffet on Index funds, Merits&amp;quot;&amp;gt;Index funds&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/indian-depository-receipts.html&amp;quot; target=&amp;quot;_blank&amp;quot; title=&amp;quot;Indian Depository Receipts - Eligibility, Minimum size of an IDR issue&amp;quot;&amp;gt;Indian Depository Receipts&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/listing-securities-nse-debt-segment.html&amp;quot; title=&amp;quot;Listing of securities on NSE Debt segment: Eligibility criteria &amp;amp;amp; Process&amp;quot;&amp;gt;Listing of securities on NSE Debt segment&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/graded-surveillance-measure.html&amp;quot; title=&amp;quot;Graded Surveillance Measure (GSM) by SEBI Detailed Explained&amp;quot;&amp;gt;Graded Surveillance Measure&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;
&amp;#039;,
				&amp;#039;img&amp;#039; =&amp;gt; &amp;#039;indian-depository-receipts-8548.png&amp;#039;,
				&amp;#039;alt_tag&amp;#039; =&amp;gt; &amp;#039;Indian Depository Receipts&amp;#039;,
				&amp;#039;meta_description&amp;#039; =&amp;gt; &amp;#039;Indian Depository Receipt (IDR): A An Indian Depository Receipt is a financial instrument in the form of a depository receipt denominated in Indian rupees.&amp;#039;,
				&amp;#039;meta_keywords&amp;#039; =&amp;gt; &amp;#039;Share Market, Stock Market&amp;#039;,
				&amp;#039;left_sidebar&amp;#039; =&amp;gt; &amp;#039;1&amp;#039;,
				&amp;#039;sidebar_title&amp;#039; =&amp;gt; &amp;#039;Indian Depository Receipts&amp;#039;,
				&amp;#039;visit_count&amp;#039; =&amp;gt; &amp;#039;881&amp;#039;,
				&amp;#039;status&amp;#039; =&amp;gt; &amp;#039;1&amp;#039;,
				&amp;#039;modified&amp;#039; =&amp;gt; &amp;#039;2019-06-02 06:04:50&amp;#039;,
				&amp;#039;created&amp;#039; =&amp;gt; &amp;#039;2017-12-19 07:35:42&amp;#039;
			),
			(int) 13 =&amp;gt; array(
				&amp;#039;id&amp;#039; =&amp;gt; &amp;#039;223&amp;#039;,
				&amp;#039;category_id&amp;#039; =&amp;gt; &amp;#039;11&amp;#039;,
				&amp;#039;title&amp;#039; =&amp;gt; &amp;#039;Index funds - Popularity in India, Warrant buffet on Index funds, Merits&amp;#039;,
				&amp;#039;slug&amp;#039; =&amp;gt; &amp;#039;index-funds&amp;#039;,
				&amp;#039;content&amp;#039; =&amp;gt; &amp;#039;&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;Index funds:&amp;amp;nbsp;&amp;lt;/strong&amp;gt;Index funds are a sort of mutual funds having a portfolio that tracks an underlying index in the market. As the name suggests, an index fund copies the index. A nifty index plan reflects the stock by which the nifty forms part of i.e. the 5o underlying shares. This index fund invests in all the 50 stocks forming part of the nifty in the same proportion as that of the nifty. The manager of the fund does not actively choose the securities in which the fund will be invested. They are passively managed by the index as a replication of itself.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Popularity in India:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;Index funds are more popular among the investors in developed financial markets such as US, UK and the European markets. In fact, the biggest fund in the US market is an index fund that tracks the S&amp;amp;amp;P Index while less than 1% of the overall investments in equity mutual funds in India are index funds.&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;The main reason for this is the sentiment of the investors that in a growing market like India, there are many companies that do not become a part of the index but outperforms the index bearing returns. Thus they see the actively managed funds as more attractive than those that invest exactly as same as the index.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Warrant buffet on Index funds:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;They are becoming more popular after investors like warren buffet has backed the decision of an average investor to put his money in index funds for better retirement plans. In fact buffet himself told his wife to invest the money in index funds after his death.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Merits of Index funds:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;h3&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;1. Low operating costs:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/h3&amp;gt;

&amp;lt;p&amp;gt;Index funds involve lower operating costs unlike in the case of actively managed mutual funds where the fund managing company requires to incur a lot of costs in terms of services of research analysts and the experts consultation, market tracking tools etc., These costs are charged to the investors by the mutual fund manager. Since, index funds simply invest in the stocks of the underlying index; they do not involve these operating costs, eventually resulting in lower operating costs to the investor.&amp;lt;/p&amp;gt;

&amp;lt;h3&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;2. No dependency on fund managers:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/h3&amp;gt;

&amp;lt;p&amp;gt;In case of actively managed funds, the fund managers are entrusted to allocate the funds pooled in various securities to maximize the fund return. At times, they may pick the bad stocks, out time in their decisions, ignore certain trends. Their behaviors are not guaranteed to be wise always, after all they are humans. But there is no place for such thing to worry in index funds.&amp;lt;/p&amp;gt;

&amp;lt;h3&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;3. Good for beginners, Amateur investors:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/h3&amp;gt;

&amp;lt;p&amp;gt;Index funds are good in long run for those having no basic knowledge of the market. Instead of depending on fund managers and investment consultants, one can simply park his money in index funds to earn as the market grows over time.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Few popular index funds in India:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;table border=&amp;quot;1&amp;quot; class=&amp;quot;table&amp;quot;&amp;gt;
	&amp;lt;tbody&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;&amp;lt;strong&amp;gt;S.no&amp;lt;/strong&amp;gt;&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;&amp;lt;strong&amp;gt;Fund name&amp;lt;/strong&amp;gt;&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;1&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;HDFC Index Fund-Sensex(G)&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;2&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;UTI Nifty Index Fund(G)&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;3&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;UTI Nifty Index Fund(D)&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;4&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;SBI Nifty Index Fund-Reg(D)&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;5&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;IDFC Nifty Fund-Reg(G)&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;6&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;Franklin India Index Fund-NSE Nifty(D)&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;7&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;Aditya Birla SL Index Fund(DR)&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;8&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;Franklin India Index Fund-NSE Nifty(G)&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;9&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;IDFC Nifty Fund-Reg(D)&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;10&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;Reliance Index Fund - Nifty Plan(G)&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;11&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;ICICI Pru Nifty Index Fund(G)&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;12&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;Tata Index Fund-Nifty Plan(G)&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;13&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;HDFC Index Fund-Nifty(G)&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
	&amp;lt;/tbody&amp;gt;
&amp;lt;/table&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;img alt=&amp;quot;Index Funds&amp;quot; class=&amp;quot;class_box_shadow-ar-image&amp;quot; src=&amp;quot;https://aglatax.com/img/blog/index-funds-23077.jpeg&amp;quot; style=&amp;quot;height:471px; width:431px&amp;quot; /&amp;gt;&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;Index funds in India have not yet taken the momentum owing to the fact that actively managed funds give better results than the index based schemes. But this will not be the case forever. As a growing market, in the long run, Index funds offer better and consistent results in the future. These are ideal for planninf a financially independent retirement life.&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;Recommended Articles&amp;lt;/strong&amp;gt;&amp;lt;/p&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/index-funds.html&amp;quot; title=&amp;quot;Index funds - Popularity in India, Warrant buffet on Index funds, Merits&amp;quot;&amp;gt;Index funds&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/indian-depository-receipts.html&amp;quot; target=&amp;quot;_blank&amp;quot; title=&amp;quot;Indian Depository Receipts - Eligibility, Minimum size of an IDR issue&amp;quot;&amp;gt;Indian Depository Receipts&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/listing-securities-nse-debt-segment.html&amp;quot; title=&amp;quot;Listing of securities on NSE Debt segment: Eligibility criteria &amp;amp;amp; Process&amp;quot;&amp;gt;Listing of securities on NSE Debt segment&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/graded-surveillance-measure.html&amp;quot; title=&amp;quot;Graded Surveillance Measure (GSM) by SEBI Detailed Explained&amp;quot;&amp;gt;Graded Surveillance Measure&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;
&amp;#039;,
				&amp;#039;img&amp;#039; =&amp;gt; &amp;#039;index-funds-3185.jpg&amp;#039;,
				&amp;#039;alt_tag&amp;#039; =&amp;gt; &amp;#039;Index funds&amp;#039;,
				&amp;#039;meta_description&amp;#039; =&amp;gt; &amp;#039;Index funds are a sort of mutual funds having a portfolio that tracks an underlying index in market. As the name suggests, an index fund copies the index.&amp;#039;,
				&amp;#039;meta_keywords&amp;#039; =&amp;gt; &amp;#039;Share Market, Stock Market&amp;#039;,
				&amp;#039;left_sidebar&amp;#039; =&amp;gt; &amp;#039;1&amp;#039;,
				&amp;#039;sidebar_title&amp;#039; =&amp;gt; &amp;#039;Index funds: Warrant buffet on Index funds&amp;#039;,
				&amp;#039;visit_count&amp;#039; =&amp;gt; &amp;#039;713&amp;#039;,
				&amp;#039;status&amp;#039; =&amp;gt; &amp;#039;1&amp;#039;,
				&amp;#039;modified&amp;#039; =&amp;gt; &amp;#039;2019-06-02 06:03:40&amp;#039;,
				&amp;#039;created&amp;#039; =&amp;gt; &amp;#039;2017-12-19 07:47:30&amp;#039;
			),
			(int) 14 =&amp;gt; array(
				&amp;#039;id&amp;#039; =&amp;gt; &amp;#039;226&amp;#039;,
				&amp;#039;category_id&amp;#039; =&amp;gt; &amp;#039;11&amp;#039;,
				&amp;#039;title&amp;#039; =&amp;gt; &amp;#039;Equity Linked Saving Scheme (ELSS) &amp;amp; Features of ELSS, Taxation&amp;#039;,
				&amp;#039;slug&amp;#039; =&amp;gt; &amp;#039;equity-linked-saving-scheme&amp;#039;,
				&amp;#039;content&amp;#039; =&amp;gt; &amp;#039;&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Equity Linked Saving Scheme (ELSS):&amp;lt;/u&amp;gt;&amp;amp;nbsp;&amp;lt;/strong&amp;gt;An Equity Linked Savings Scheme (ELSS) is an open-ended Equity Mutual Fund that invests the majority of funds in equity and enjoys the benefit of tax exemption under the section 80 C of the Income Tax Act. ELSS has a lock-in period of three years from the date of investment which means that each of the investment made gets locked for three years and the investor cannot withdraw anything before the maturity of the mutual fund (3 years). To qualify as ELSS, minimum 65% of the fund amount need to be invested in equities and related products.&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Example&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;: ICICI Prudential Tax Plan, Birla Sun Life Tax Relief 96 and Axis Long Term Equity.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#e74c3c&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Features of ELSS:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;h3&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;1. Taxation:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h3&amp;gt;

&amp;lt;p&amp;gt;Sec 80C of the Income Tax Act allows you to claim deductions from your taxable income by investing in certain investments. ELSS is one of such investments that qualify for deductions from taxable income under 80C up to Rs 1, 50,000. The returns generated by way of dividend are tax free in the hands of investor. They are also not subjected to Dividend Distribution Tax. Long term capital gains arising out of investments in ELSS are also tax free.&amp;lt;/p&amp;gt;

&amp;lt;h3&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;2. Shortest lock-in period among tax saving investments:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h3&amp;gt;

&amp;lt;p&amp;gt;There are several tax saving schemed out in the market such as investments in PPF, EPF, Fixed deposits (FD), National pension scheme(NPS), National savings certificate (NSC), Sukanya Samriddhi Yojana (SSY) and Senior Citizens Savings Scheme (SCSS) etc., Out of all of these ELSS enjoys the shortest lock-in period making it more attractive to invest.&amp;lt;/p&amp;gt;

&amp;lt;h3&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Lock in periods of various tax saving investment schemes:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h3&amp;gt;

&amp;lt;table border=&amp;quot;1&amp;quot; class=&amp;quot;table&amp;quot;&amp;gt;
	&amp;lt;tbody&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;&amp;lt;strong&amp;gt;Investment&amp;lt;/strong&amp;gt;&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;PPF&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;NPS&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;NSC&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;ELSS&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;FD&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;SSY&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;SCSS&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;&amp;lt;strong&amp;gt;Lock-in (in years)&amp;lt;/strong&amp;gt;&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;15&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;Till retirement&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;5&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;&amp;lt;strong&amp;gt;3&amp;lt;/strong&amp;gt;&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;5&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;21&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;5&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
	&amp;lt;/tbody&amp;gt;
&amp;lt;/table&amp;gt;

&amp;lt;h3&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;3. Variety of options:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h3&amp;gt;

&amp;lt;p&amp;gt;While investing in ELSS, there are 3 options available to the investor. They are&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Growth option:&amp;lt;/u&amp;gt;&amp;amp;nbsp;&amp;lt;/strong&amp;gt;No dividend is paid till the maturity. Instead, holder will only receive the benefits at the end of the maturity&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Dividend Option:&amp;lt;/u&amp;gt;&amp;amp;nbsp;&amp;lt;/strong&amp;gt;Under this option, the investor gets the regular dividend income every time declared by the fund.&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Dividend Reinvestments option:&amp;lt;/u&amp;gt;&amp;amp;nbsp;&amp;lt;/strong&amp;gt;Dividend is declared by the fund but the same will be re-invested into the fund by adding to the NAV.&amp;lt;/p&amp;gt;

&amp;lt;h3&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;4. High potential of return:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h3&amp;gt;

&amp;lt;p&amp;gt;Though the investment in equity is highly risky, it carries a high earning potential at the same time. They have the best earning potential among all the tax saving schemes available out there. Following is the historical performance of certain ELSS schemes as at July 2017.&amp;lt;/p&amp;gt;

&amp;lt;table border=&amp;quot;1&amp;quot; class=&amp;quot;table&amp;quot;&amp;gt;
	&amp;lt;tbody&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td rowspan=&amp;quot;2&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;Scheme name&amp;lt;/strong&amp;gt;&amp;lt;/td&amp;gt;
			&amp;lt;td colspan=&amp;quot;3&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;Return (%)&amp;lt;/strong&amp;gt;&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;&amp;lt;strong&amp;gt;1 year&amp;lt;/strong&amp;gt;&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;&amp;lt;strong&amp;gt;3 years&amp;lt;/strong&amp;gt;&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;&amp;lt;strong&amp;gt;5 years&amp;lt;/strong&amp;gt;&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;Axis Long term equity fund&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;17.2&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;15.56&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;23&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;Birla Sun life tax relief 96&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;21.75&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;18.11&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;22.14&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;Franklin India tax shield&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;14.47&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;15.48&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;19&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
	&amp;lt;/tbody&amp;gt;
&amp;lt;/table&amp;gt;

&amp;lt;h3&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;5. Can be invested through SIP:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h3&amp;gt;

&amp;lt;p&amp;gt;Investment in SIP can be made by way of Systematic Investment plan (SIP) where a fixed amount is monthly deducted from your bank account and invested in the fund you have chosen. This option makes the ELSS accessible to small and medium investors who cannot put a lump sum in the investment.&amp;lt;/p&amp;gt;

&amp;lt;h3&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;6. No upper limit:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h3&amp;gt;

&amp;lt;p&amp;gt;Starting with a minimum investment of Rs 500, one can invest as much as one wants. However the tax benefit under 80c is limited only till Rs. 1.5 lakhs.&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;Recommended Articles&amp;lt;/strong&amp;gt;&amp;lt;/p&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/index-funds.html&amp;quot; title=&amp;quot;Index funds - Popularity in India, Warrant buffet on Index funds, Merits&amp;quot;&amp;gt;Index funds&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/indian-depository-receipts.html&amp;quot; target=&amp;quot;_blank&amp;quot; title=&amp;quot;Indian Depository Receipts - Eligibility, Minimum size of an IDR issue&amp;quot;&amp;gt;Indian Depository Receipts&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/listing-securities-nse-debt-segment.html&amp;quot; title=&amp;quot;Listing of securities on NSE Debt segment: Eligibility criteria &amp;amp;amp; Process&amp;quot;&amp;gt;Listing of securities on NSE Debt segment&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/graded-surveillance-measure.html&amp;quot; title=&amp;quot;Graded Surveillance Measure (GSM) by SEBI Detailed Explained&amp;quot;&amp;gt;Graded Surveillance Measure&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;
&amp;#039;,
				&amp;#039;img&amp;#039; =&amp;gt; &amp;#039;equity-linked-saving-scheme-0861.png&amp;#039;,
				&amp;#039;alt_tag&amp;#039; =&amp;gt; &amp;#039;Equity Linked Saving Scheme&amp;#039;,
				&amp;#039;meta_description&amp;#039; =&amp;gt; &amp;#039;An Equity Linked Saving Scheme (ELSS) is an open-ended Equity Mutual Fund that invests the majority of funds in equity and enjoys the benefit of tax exempt&amp;#039;,
				&amp;#039;meta_keywords&amp;#039; =&amp;gt; &amp;#039;Share Market, Stock Market&amp;#039;,
				&amp;#039;left_sidebar&amp;#039; =&amp;gt; &amp;#039;1&amp;#039;,
				&amp;#039;sidebar_title&amp;#039; =&amp;gt; &amp;#039;Equity Linked Saving Scheme&amp;#039;,
				&amp;#039;visit_count&amp;#039; =&amp;gt; &amp;#039;472&amp;#039;,
				&amp;#039;status&amp;#039; =&amp;gt; &amp;#039;1&amp;#039;,
				&amp;#039;modified&amp;#039; =&amp;gt; &amp;#039;2019-06-02 05:59:07&amp;#039;,
				&amp;#039;created&amp;#039; =&amp;gt; &amp;#039;2017-12-19 09:58:37&amp;#039;
			),
			(int) 15 =&amp;gt; array(
				&amp;#039;id&amp;#039; =&amp;gt; &amp;#039;228&amp;#039;,
				&amp;#039;category_id&amp;#039; =&amp;gt; &amp;#039;11&amp;#039;,
				&amp;#039;title&amp;#039; =&amp;gt; &amp;#039;Difference between Large caps, Mid caps and small caps&amp;#039;,
				&amp;#039;slug&amp;#039; =&amp;gt; &amp;#039;difference-between-large-caps-mid-caps&amp;#039;,
				&amp;#039;content&amp;#039; =&amp;gt; &amp;#039;&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;Difference between Large caps, Mid caps and small caps:&amp;lt;/strong&amp;gt; While investing in the equity in stock market, it is very important to know various categories of stocks. One has to be clear as to how much weight he should give to each of large, mid and small cap stocks in his investment portfolio. As the name suggests, these are different categories of stocks classified based on cap i.e. Market capitalization of that stock.&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;Market capitalization is the total market value of the shares outstanding in the market.&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;Market capitalization = Current price of the stock x Total number of shares outstanding&amp;lt;/strong&amp;gt;&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;Stocks in the market are categorized into 3 types on the basis of their market cap. They are&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;1. Large cap stocks:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;Stocks of the large and well established companies are large cap. The movements in the share&amp;amp;nbsp;&amp;amp;nbsp;&amp;amp;nbsp;&amp;amp;nbsp;&amp;amp;nbsp;&amp;amp;nbsp; prices of these stocks could alone influence the whole market. Example: TCS, Infosys, RIL&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;2. Mid-cap stocks:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;These are the representatives of mediocre companies. They are ranked between large and small caps in terms of full market cap ranking.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;3. Small cap stocks:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;These are the stocks that find their places at the bottom in terms of full market capitalization ranking. However, they are relatively less risky and mostly consist of startups / companies in their early ages. If carefully chosen, small caps in long-run can yield very good returns.&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;There is no standard market cap cutoff for each category mentioned above. However, in this post, we are giving the exchange specific classification.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#e74c3c&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Bombay Stock Exchange (BSE) - Large Vs Mid Vs Small caps:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;Bombay Stock Exchange (BSE) categorizes companies into market cap segments based on the 70 &amp;amp;ndash; 15 &amp;amp;ndash; 15 rule with a buffer &amp;amp;plusmn;5. As per BSE&amp;amp;rsquo;s methodology, the companies with average daily total market capitalization are sorted in descending order (Highest to least) and the classification is as below:&amp;lt;/p&amp;gt;

&amp;lt;h3&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Large cap stocks:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h3&amp;gt;

&amp;lt;p&amp;gt;The companies (having ranked in descending order) whose market capitalization accounts for the 70% of the total market cap of the companies traded on BSE are considered as large cap stocks.&amp;lt;/p&amp;gt;

&amp;lt;h3&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Mid cap stocks:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h3&amp;gt;

&amp;lt;p&amp;gt;Companies forming the next 15% of the total market cap are mid cap stocks&amp;lt;/p&amp;gt;

&amp;lt;h3&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Small cap stocks:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h3&amp;gt;

&amp;lt;p&amp;gt;Stocks that are in the last 15% in the market cap ranking are small cap stocks.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#e74c3c&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;National Stock exchange (NSE) &amp;amp;ndash; Large Vs Mid Vs small caps:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;In case of National stock exchange, Companies are ranked based on both average daily turnover and average daily full market capitalization. Out of the top 500 companies, classification would as below:&amp;lt;/p&amp;gt;

&amp;lt;h3&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Large cap stocks:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h3&amp;gt;

&amp;lt;p&amp;gt;Companies that form part of the first 100 highest rankings are considered as large cap stocks and these will be used for NIFTY 100 construction.&amp;lt;/p&amp;gt;

&amp;lt;h3&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Mid-cap stocks:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h3&amp;gt;

&amp;lt;p&amp;gt;Stocks of next 150 highest companies are categorized into mid-cap stocks. NIFTY Midcap 150 is constructed using these stocks.&amp;lt;/p&amp;gt;

&amp;lt;h3&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Small-cap stocks:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h3&amp;gt;

&amp;lt;p&amp;gt;Stocks that are in the next 250 rankings are small cap stocks. NIFTY Small cap 250 index is constructed based on these stocks.&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;img alt=&amp;quot;Difference between Large caps, Mid-caps&amp;quot; class=&amp;quot;class_box_shadow-ar-image&amp;quot; src=&amp;quot;https://aglatax.com/img/blog/difference-between-large-caps-mid-caps-and-small-caps-2-237df.jpeg&amp;quot; style=&amp;quot;height:435px; width:771px&amp;quot; /&amp;gt;&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#e74c3c&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Different market cap categories in the United States:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;table border=&amp;quot;1&amp;quot; class=&amp;quot;table&amp;quot;&amp;gt;
	&amp;lt;tbody&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;&amp;lt;strong&amp;gt;Category&amp;lt;/strong&amp;gt;&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;&amp;lt;strong&amp;gt;Classification&amp;lt;/strong&amp;gt;&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;Large cap stocks&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;These are the stocks of the Companies with market cap of $10 billion or above. They are very stable and dominant in their industry.&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;Mid-cap stocks&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;These are the stocks of the Companies with market caps between $2 billion and $10 billion&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;Small cap stocks&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;Companies with market caps that are less than $2 billion are small cap stocks&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
	&amp;lt;/tbody&amp;gt;
&amp;lt;/table&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;Recommended Articles&amp;lt;/strong&amp;gt;&amp;lt;/p&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/index-funds.html&amp;quot; title=&amp;quot;Index funds - Popularity in India, Warrant buffet on Index funds, Merits&amp;quot;&amp;gt;Index funds&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/indian-depository-receipts.html&amp;quot; target=&amp;quot;_blank&amp;quot; title=&amp;quot;Indian Depository Receipts - Eligibility, Minimum size of an IDR issue&amp;quot;&amp;gt;Indian Depository Receipts&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/listing-securities-nse-debt-segment.html&amp;quot; title=&amp;quot;Listing of securities on NSE Debt segment: Eligibility criteria &amp;amp;amp; Process&amp;quot;&amp;gt;Listing of securities on NSE Debt segment&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/graded-surveillance-measure.html&amp;quot; title=&amp;quot;Graded Surveillance Measure (GSM) by SEBI Detailed Explained&amp;quot;&amp;gt;Graded Surveillance Measure&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;
&amp;#039;,
				&amp;#039;img&amp;#039; =&amp;gt; &amp;#039;difference-between-large-caps-mid-caps-and-small-caps-1-7454.jpeg&amp;#039;,
				&amp;#039;alt_tag&amp;#039; =&amp;gt; &amp;#039;Difference between Large caps, Mid caps&amp;#039;,
				&amp;#039;meta_description&amp;#039; =&amp;gt; &amp;#039;Difference between Large caps, Mid caps and small caps: While investing in the equity in stock market, it is very important to know various categories.&amp;#039;,
				&amp;#039;meta_keywords&amp;#039; =&amp;gt; &amp;#039;Share Market, Stock Market&amp;#039;,
				&amp;#039;left_sidebar&amp;#039; =&amp;gt; &amp;#039;1&amp;#039;,
				&amp;#039;sidebar_title&amp;#039; =&amp;gt; &amp;#039;Difference between Large caps, Mid-caps&amp;#039;,
				&amp;#039;visit_count&amp;#039; =&amp;gt; &amp;#039;508&amp;#039;,
				&amp;#039;status&amp;#039; =&amp;gt; &amp;#039;1&amp;#039;,
				&amp;#039;modified&amp;#039; =&amp;gt; &amp;#039;2019-06-02 05:57:37&amp;#039;,
				&amp;#039;created&amp;#039; =&amp;gt; &amp;#039;2017-12-19 12:49:53&amp;#039;
			),
			(int) 16 =&amp;gt; array(
				&amp;#039;id&amp;#039; =&amp;gt; &amp;#039;233&amp;#039;,
				&amp;#039;category_id&amp;#039; =&amp;gt; &amp;#039;11&amp;#039;,
				&amp;#039;title&amp;#039; =&amp;gt; &amp;#039;What is Beta (β) of a portfolio?: How is beta computed?, Formula&amp;#039;,
				&amp;#039;slug&amp;#039; =&amp;gt; &amp;#039;beta-portfolio&amp;#039;,
				&amp;#039;content&amp;#039; =&amp;gt; &amp;#039;&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;What is Beta (&amp;amp;beta;) of a portfolio?:&amp;lt;/u&amp;gt;&amp;amp;nbsp;Risk associated with investment:&amp;amp;nbsp;&amp;lt;/strong&amp;gt;Investments are held in securities with many objectives in mind. From meeting the financial needs to earning the maximum returns, the objectives of the individual investors vary based on their risk appetite and various other factors. But generally, the risk that the investments in the portfolio will not yield the returns expected is very common among the investors. This risk can be classified into 2 types based on the factors that trigger the risk. They are:&amp;lt;/p&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;Systematic risk&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Unsystematic risk&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Beta (&amp;amp;beta;):&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;Unsystematic risk is the one that arises from a firm&amp;amp;rsquo;s/industry&amp;amp;rsquo;s internal factors such as management capability, consumer preferences etc. From the perspective of an investor, unsystematic risk can be reduced by effectively diversifying the portfolio.&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;But the systematic risk which is associated with political, sociological and macroeconomic-level factors cannot be managed merely by diversification. They hit the entire market as a whole while unsystematic risk is industry/firm specific. The numeric value that measures the degree to which different portfolios are affected by the systematic risks as compared to the effect on the market as a whole is known as beta represented by (&amp;amp;beta;) of a portfolio. It represents the tendency of a security&amp;amp;#39;s returns in response to the market movements.&amp;lt;/p&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;Systematic risk of varies from security to security because of their distinct relationships with the market. The beta value indicates the movement in a stock&amp;amp;#39;s or a portfolio&amp;amp;#39;s returns in relation to that of the market returns&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Stock market indices such as Nifty and Sensex are used as market return in computation of beta.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;A higher beta indicates that high systematic risk which means the stock/portfolio&amp;amp;rsquo;s returns are highly volatile to the changes happening in market and vice-versa.&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;How is beta computed?&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;Beta is measured using regression analysis. It is calculated by dividing the covariance the security&amp;amp;#39;s/portfolio&amp;amp;rsquo;s returns and the market&amp;amp;#39;s returns by the variance of the market&amp;amp;#39;s returns for a specified period. Market return is perceived as benchmark index return such as Nifty and Sensex.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Formula:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;table border=&amp;quot;1&amp;quot; class=&amp;quot;table&amp;quot;&amp;gt;
	&amp;lt;tbody&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;Beta (&amp;amp;beta;) = Covariance (X, Y) / Variance (X)&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
	&amp;lt;/tbody&amp;gt;
&amp;lt;/table&amp;gt;

&amp;lt;p&amp;gt;Where X - denotes market returns and Y - denotes portfolio&amp;amp;rsquo;s/stock&amp;amp;rsquo;s return&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Interpretation of Beta values:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;span style=&amp;quot;color:#e74c3c&amp;quot;&amp;gt;&amp;lt;u&amp;gt;Beta value 1:&amp;lt;/u&amp;gt;&amp;lt;/span&amp;gt;&amp;amp;nbsp;&amp;lt;/strong&amp;gt;It is a situation where the portfolio&amp;amp;rsquo;s returns are in line with the market return. It means that the security&amp;amp;rsquo;s price moves in almost the same proportion of the market movement. It indicates that the portfolio/stock&amp;amp;rsquo;s return is as same as the market return or almost close to it.&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;span style=&amp;quot;color:#e74c3c&amp;quot;&amp;gt;&amp;lt;u&amp;gt;Beta value less than 1:&amp;lt;/u&amp;gt;&amp;lt;/span&amp;gt;&amp;amp;nbsp;&amp;lt;/strong&amp;gt;Beta value less than 1 indicates that the underlying portfolio is relatively less risky/less volatile than the market. Investors with low risk appetite can choose the securities with beta less than 1. But one should always remember low risk comes with low return &amp;amp;amp; vice-versa.&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;span style=&amp;quot;color:#e74c3c&amp;quot;&amp;gt;&amp;lt;u&amp;gt;Beta value more than 1:&amp;lt;/u&amp;gt;&amp;lt;/span&amp;gt;&amp;amp;nbsp;&amp;lt;/strong&amp;gt;This scenario indicates that portfolio/security is more risky/ volatile than the market. In such case, 1% change in the market results in more than 1% change in the security&amp;amp;rsquo;s performance. Stocks with beta more than 1 are aggressive in nature. They are suitable for investors willing to take high risk for high returns.&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;Recommended Articles&amp;lt;/strong&amp;gt;&amp;lt;/p&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/index-funds.html&amp;quot; title=&amp;quot;Index funds - Popularity in India, Warrant buffet on Index funds, Merits&amp;quot;&amp;gt;Index funds&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/indian-depository-receipts.html&amp;quot; target=&amp;quot;_blank&amp;quot; title=&amp;quot;Indian Depository Receipts - Eligibility, Minimum size of an IDR issue&amp;quot;&amp;gt;Indian Depository Receipts&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/listing-securities-nse-debt-segment.html&amp;quot; title=&amp;quot;Listing of securities on NSE Debt segment: Eligibility criteria &amp;amp;amp; Process&amp;quot;&amp;gt;Listing of securities on NSE Debt segment&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/graded-surveillance-measure.html&amp;quot; title=&amp;quot;Graded Surveillance Measure (GSM) by SEBI Detailed Explained&amp;quot;&amp;gt;Graded Surveillance Measure&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;
&amp;#039;,
				&amp;#039;img&amp;#039; =&amp;gt; &amp;#039;beta-3737.png&amp;#039;,
				&amp;#039;alt_tag&amp;#039; =&amp;gt; &amp;#039;What is Beta (β) of a portfolio?&amp;#039;,
				&amp;#039;meta_description&amp;#039; =&amp;gt; &amp;#039;Risk associated with investment: A Investments are held in securities with many objectives in mind. From meeting the financial needs to earning.&amp;#039;,
				&amp;#039;meta_keywords&amp;#039; =&amp;gt; &amp;#039;Share Market, Stock Market&amp;#039;,
				&amp;#039;left_sidebar&amp;#039; =&amp;gt; &amp;#039;1&amp;#039;,
				&amp;#039;sidebar_title&amp;#039; =&amp;gt; &amp;#039;What is Beta (β) of a portfolio?&amp;#039;,
				&amp;#039;visit_count&amp;#039; =&amp;gt; &amp;#039;783&amp;#039;,
				&amp;#039;status&amp;#039; =&amp;gt; &amp;#039;1&amp;#039;,
				&amp;#039;modified&amp;#039; =&amp;gt; &amp;#039;2019-06-02 05:51:55&amp;#039;,
				&amp;#039;created&amp;#039; =&amp;gt; &amp;#039;2017-12-22 11:39:23&amp;#039;
			),
			(int) 17 =&amp;gt; array(
				&amp;#039;id&amp;#039; =&amp;gt; &amp;#039;234&amp;#039;,
				&amp;#039;category_id&amp;#039; =&amp;gt; &amp;#039;11&amp;#039;,
				&amp;#039;title&amp;#039; =&amp;gt; &amp;#039;What are Green Chip Stocks? - All you have to know about with Example&amp;#039;,
				&amp;#039;slug&amp;#039; =&amp;gt; &amp;#039;green-chip-stocks&amp;#039;,
				&amp;#039;content&amp;#039; =&amp;gt; &amp;#039;&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Green chip stocks:&amp;lt;/u&amp;gt;&amp;amp;nbsp;&amp;lt;/strong&amp;gt;Green chip stocks are the stocks of those companies that are listed on the exchanges and operate in environment friendly sectors. They are the companies having eco-friendly, sustainable products/services as the business models. These are the stocks of the companies whose business models are beneficial to the environment as a whole. For this reason, green chip companies often enjoy many benefits in the form of encouragements from the government.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#e74c3c&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;Following are few examples:&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;1. Solar energy:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;Companies engaging in solar based business models such as generation of solar power, manufacturing of solar based equipment and tools, any other products/services based on solar energy come under this sector.&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;Companies like SolarCity a subsidiary of Tesla of Elon musk which have their business based on solar services are contributing a lot to the environment. Tesla is an ideal green chip stock.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;2. Geo-thermal energy:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;Geo-thermal energy is generated from the original formation of the planet and from radioactive decay of materials. Though this is not as popular as solar energy, it&amp;amp;rsquo;s now gaining the momentum.&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;In India, companies like Panx Geothermal, Tata power and NTPC are working in this area.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;3. Wind energy:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;Generation of energy from wind and usage of the same as an alternative to conventional sources of energy is the main theme of this.&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;In India, companies like Suzlon energy limited, Wind World India limited and Inox Wind limited are the green chip firms operating in wind energy.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;4. Ocean energy:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;Generation of energy from tides and waves in the ocean comes under this category. Energy is generated from the fast movement of water in the ocean.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;5. Green construction:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;Also called as green building/sustainable building, it is the structure and the application of processes that are environmentally responsible and resource-efficient throughout a building&amp;amp;#39;s life-cycle.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;6. Green infrastructure:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;Green infrastructure is an approach to water management that protects, restores, or mimics the natural water cycle. Green infrastructure is effective, economical, and enhances community safety and quality of life. It includes storm water management, climate adaptation, less heat stress, more biodiversity, food production, better air quality, sustainable energy production, clean water and healthy soils.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;7. Carbon trading:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;Carbon trading is the process of buying and selling permits and credits to emit carbon dioxide.&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;For example trading of carbon credits between Bhutan (A carbon negative country) and India where India purchases the Bhutan&amp;amp;rsquo;s unutilized credit to emit carbon di oxide for some price.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;8. Dealing in organic foods including organic farming:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;Companies engaged in organic food business. It includes production &amp;amp;amp; processing of food using organic methods.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;9. Green transportation:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;Green transportation involves usage of eco-friendly, renewable energy operated modes of transportation such as electric vehicles and vehicles that are run using Hydrogen Fuel Cells etc.&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;Companies like Tesla motors, Lit Motors have really been doing well in green field alongside of giving good returns to the investors.&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;Green chip companies are very important in today&amp;amp;rsquo;s age of increasing pollution, global warming and climate change. Sustainable green technologies should be encouraged by the investors to scale up the business to achieve improved access to clean energy and affordable and green transportation complemented by increased health and better living conditions..&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;Recommended Articles&amp;lt;/strong&amp;gt;&amp;lt;/p&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/index-funds.html&amp;quot; title=&amp;quot;Index funds - Popularity in India, Warrant buffet on Index funds, Merits&amp;quot;&amp;gt;Index funds&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/indian-depository-receipts.html&amp;quot; target=&amp;quot;_blank&amp;quot; title=&amp;quot;Indian Depository Receipts - Eligibility, Minimum size of an IDR issue&amp;quot;&amp;gt;Indian Depository Receipts&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/listing-securities-nse-debt-segment.html&amp;quot; title=&amp;quot;Listing of securities on NSE Debt segment: Eligibility criteria &amp;amp;amp; Process&amp;quot;&amp;gt;Listing of securities on NSE Debt segment&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/graded-surveillance-measure.html&amp;quot; title=&amp;quot;Graded Surveillance Measure (GSM) by SEBI Detailed Explained&amp;quot;&amp;gt;Graded Surveillance Measure&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;
&amp;#039;,
				&amp;#039;img&amp;#039; =&amp;gt; &amp;#039;green-chip-stocks-5217.png&amp;#039;,
				&amp;#039;alt_tag&amp;#039; =&amp;gt; &amp;#039;Green Chip Stocks&amp;#039;,
				&amp;#039;meta_description&amp;#039; =&amp;gt; &amp;#039;Green chip stocks:A Green chip stocks are the stocks of those companies that are listed on the exchanges and operate in environment friendly sectors.&amp;#039;,
				&amp;#039;meta_keywords&amp;#039; =&amp;gt; &amp;#039;Share market, Stock Market&amp;#039;,
				&amp;#039;left_sidebar&amp;#039; =&amp;gt; &amp;#039;1&amp;#039;,
				&amp;#039;sidebar_title&amp;#039; =&amp;gt; &amp;#039;Green Chip Stocks&amp;#039;,
				&amp;#039;visit_count&amp;#039; =&amp;gt; &amp;#039;557&amp;#039;,
				&amp;#039;status&amp;#039; =&amp;gt; &amp;#039;1&amp;#039;,
				&amp;#039;modified&amp;#039; =&amp;gt; &amp;#039;2019-06-02 05:51:23&amp;#039;,
				&amp;#039;created&amp;#039; =&amp;gt; &amp;#039;2017-12-22 12:08:27&amp;#039;
			),
			(int) 18 =&amp;gt; array(
				&amp;#039;id&amp;#039; =&amp;gt; &amp;#039;235&amp;#039;,
				&amp;#039;category_id&amp;#039; =&amp;gt; &amp;#039;11&amp;#039;,
				&amp;#039;title&amp;#039; =&amp;gt; &amp;#039;What is Investible Weight Factor (IWF)? with Example, What it signifies?&amp;#039;,
				&amp;#039;slug&amp;#039; =&amp;gt; &amp;#039;investible-weight-factor&amp;#039;,
				&amp;#039;content&amp;#039; =&amp;gt; &amp;#039;&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Investible Weight Factors (IWFs&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;): Investible weight factor is the unit that shows how much portion of a company&amp;amp;rsquo;s total shares is available to the investors for trading freely on the stock exchange. It is mainly used in computing the market capitalization of a company under free float methodology.&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;While computing IWF, stocks held by the entities having strategic interest in a company are eliminated from the total number of shares issued. This is because those stocks are generally not freely available for trading on the exchange as the purpose of holding them is not as same as that of a normal investor.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Investible Weight Factors&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;The IWFs for each company in the index are computed based on the public shareholding of the companies as disclosed in the shareholding pattern submitted by the companies to the stock exchanges on quarterly basis from March, June, September and December&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;span style=&amp;quot;color:#e74c3c&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;Following shareholdings are generally excluded from total issued capital to arrive at the Investible weight factor.&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/p&amp;gt;

&amp;lt;ol&amp;gt;
	&amp;lt;li&amp;gt;Shareholding of promoter and promoter group&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Shares held by promoters through American depositary receipts (ADR) and Global depositary receipts (GDRs)&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Equity held by associate/group companies (cross-holdings)&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Government holding in the capacity of strategic investor&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Strategic stakes held by corporate bodies&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Shares held by Employee Welfare Trusts&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Shares held as Investments under FDI category&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Shares under lock-in category&amp;lt;/li&amp;gt;
&amp;lt;/ol&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Example:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;PVR ltd has a total share capital of Rs 100 lakhs denominated as 1, 00,000 shares of RS. 100 each. And the shareholding pattern of PVR ltd is as follows:&amp;lt;/p&amp;gt;

&amp;lt;table border=&amp;quot;1&amp;quot; class=&amp;quot;table&amp;quot;&amp;gt;
	&amp;lt;tbody&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;&amp;lt;strong&amp;gt;Shareholder details&amp;lt;/strong&amp;gt;&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;&amp;lt;strong&amp;gt;Holding (no of shares)&amp;lt;/strong&amp;gt;&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;&amp;lt;strong&amp;gt;Holding (%)&amp;lt;/strong&amp;gt;&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;Equity held by state government as a strategic investor&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;10,000&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;10&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;Equity held by associate company EMR ltd&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;15,000&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;15&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;Shares held by Employee Welfare Trusts&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;2500&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;2.5&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;Shares held under FDI category&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;5,000&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;5&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;Promoters holding&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;10,000&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;10&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
	&amp;lt;/tbody&amp;gt;
&amp;lt;/table&amp;gt;

&amp;lt;p&amp;gt;Investible Weight Factor (IWF) = Total free holding available for investors/Total number of shares&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;= [1, 00, 00 &amp;amp;ndash; (10,000 + 15,000 + 2500 + 5000 +10,000] / 1, 00, 00 = 0.575&amp;lt;/strong&amp;gt;&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;What it signifies?&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;A Higher IWF indicates that greater number of shares is held by the investors. Thus greater number of shares is readily available for trading on the exchange.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;It is an important factor used in determining the free float market capitalization of a company.&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;

&amp;lt;p&amp;gt;Free Float Market Capitalization = Shares outstanding * Price * IWF. Thus, it is major component in calculation of equity indices under free float methodology.&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;Recommended Articles&amp;lt;/strong&amp;gt;&amp;lt;/p&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/index-funds.html&amp;quot; title=&amp;quot;Index funds - Popularity in India, Warrant buffet on Index funds, Merits&amp;quot;&amp;gt;Index funds&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/indian-depository-receipts.html&amp;quot; target=&amp;quot;_blank&amp;quot; title=&amp;quot;Indian Depository Receipts - Eligibility, Minimum size of an IDR issue&amp;quot;&amp;gt;Indian Depository Receipts&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/listing-securities-nse-debt-segment.html&amp;quot; title=&amp;quot;Listing of securities on NSE Debt segment: Eligibility criteria &amp;amp;amp; Process&amp;quot;&amp;gt;Listing of securities on NSE Debt segment&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/graded-surveillance-measure.html&amp;quot; title=&amp;quot;Graded Surveillance Measure (GSM) by SEBI Detailed Explained&amp;quot;&amp;gt;Graded Surveillance Measure&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;
&amp;#039;,
				&amp;#039;img&amp;#039; =&amp;gt; &amp;#039;investible-weight-factor-5628.png&amp;#039;,
				&amp;#039;alt_tag&amp;#039; =&amp;gt; &amp;#039;Investible Weight Factor&amp;#039;,
				&amp;#039;meta_description&amp;#039; =&amp;gt; &amp;#039;Investible Weight Factors (IWFs): Investible weight factor is the unit that shows how much portion of a company&amp;#039;s total shares is available to the investors&amp;#039;,
				&amp;#039;meta_keywords&amp;#039; =&amp;gt; &amp;#039;Share Market, Stock Market&amp;#039;,
				&amp;#039;left_sidebar&amp;#039; =&amp;gt; &amp;#039;1&amp;#039;,
				&amp;#039;sidebar_title&amp;#039; =&amp;gt; &amp;#039;Investible Weight Factor&amp;#039;,
				&amp;#039;visit_count&amp;#039; =&amp;gt; &amp;#039;605&amp;#039;,
				&amp;#039;status&amp;#039; =&amp;gt; &amp;#039;1&amp;#039;,
				&amp;#039;modified&amp;#039; =&amp;gt; &amp;#039;2019-06-02 05:51:00&amp;#039;,
				&amp;#039;created&amp;#039; =&amp;gt; &amp;#039;2017-12-22 12:21:34&amp;#039;
			),
			(int) 19 =&amp;gt; array(
				&amp;#039;id&amp;#039; =&amp;gt; &amp;#039;236&amp;#039;,
				&amp;#039;category_id&amp;#039; =&amp;gt; &amp;#039;11&amp;#039;,
				&amp;#039;title&amp;#039; =&amp;gt; &amp;#039;What is tracking error? How it is calculates? What are the reasons for it?&amp;#039;,
				&amp;#039;slug&amp;#039; =&amp;gt; &amp;#039;tracking-error&amp;#039;,
				&amp;#039;content&amp;#039; =&amp;gt; &amp;#039;&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;What is tracking error?&amp;lt;/u&amp;gt;:&amp;amp;nbsp;&amp;lt;/strong&amp;gt;Tracking error in the context of mutual funds and hedge funds is the difference between return of an index fund and the index&amp;amp;rsquo;s actual return. To understand this, one must be aware of an index fund and the Index.&amp;amp;nbsp; A stock market index is a statistical measure of changes in the securities traded in a stock exchange. Example: Nifty, Sensex and Dow jones etc. An Index fund is a type of mutual fund in which a specific index is chosen and the money is invested in the securities comprised by target Index in the same proportions of the securities as they are in the target index.&amp;lt;/p&amp;gt;

&amp;lt;p&amp;gt;The objective of an index fund manager is to achieve returns which are commensurate to that of the target Index (bench mark return). Since an index fund replicates the behavior of underlying index by investing in the shares of an index in the same weights, the return of index and index fund should be same. But there are instances where there exists a mismatch between the index fund return and return of the target index, which is expressed as tracking error. It is the the annualized standard deviation of the difference between the two returns.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Example:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;Reliance index fund &amp;amp;ndash; Nifty index is an open ended mutual fund that invests in 50 stocks of Nifty in the same proportion as that of Nifty. If the annual average return of Nifty is 17% but the index fund has given only 16% then the difference 1% is considered as tracking error.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;How to calculate the tracking error?&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;table border=&amp;quot;1&amp;quot; class=&amp;quot;table&amp;quot;&amp;gt;
	&amp;lt;tbody&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;&amp;lt;strong&amp;gt;Step&amp;lt;/strong&amp;gt;&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;&amp;lt;strong&amp;gt;Process description&amp;lt;/strong&amp;gt;&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;1&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;Collect the required data such as NAV of the index mutual fund and Total return (TR) index value of target index for each day of the total time period required. These can be obtained from the websites of mutual fund company and the stock exchange of underlying index.&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;2&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;
			&amp;lt;p&amp;gt;Calculate the % change in NAV for each day over its previous day&amp;lt;/p&amp;gt;

			&amp;lt;p&amp;gt;=[NAV on today (t) &amp;amp;ndash; NAV as on day (t-1)]/ NAV on today (t)&amp;lt;/p&amp;gt;
			&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;3&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;
			&amp;lt;p&amp;gt;Calculate the % change TR index for each day&amp;lt;/p&amp;gt;

			&amp;lt;p&amp;gt;=[TR index of day (t) &amp;amp;ndash; TR index of day (t-1)]/ TR index of day (t)&amp;lt;/p&amp;gt;
			&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;4&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;Calculate the difference between the percentage change in the NAV and the percentage change in the TR Index for each day (Step 3 result &amp;amp;ndash; step 2 result)&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;5&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;Calculate the standard deviation of the daily differences obtained in step 4&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
		&amp;lt;tr&amp;gt;
			&amp;lt;td&amp;gt;6&amp;lt;/td&amp;gt;
			&amp;lt;td&amp;gt;
			&amp;lt;p&amp;gt;Calculate the annualized tracking error using the formula given below:&amp;lt;/p&amp;gt;

			&amp;lt;p&amp;gt;Annualized tracking error = Standard deviation obtained (Step 5) * &amp;amp;radic;250&amp;lt;/p&amp;gt;

			&amp;lt;p&amp;gt;250 is the number of average working days of stock exchanges in India&amp;lt;/p&amp;gt;
			&amp;lt;/td&amp;gt;
		&amp;lt;/tr&amp;gt;
	&amp;lt;/tbody&amp;gt;
&amp;lt;/table&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Reasons for tracking error:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;h3&amp;gt;&amp;lt;span style=&amp;quot;color:#e74c3c&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;1. Rounding off of number of shares&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;:&amp;lt;/span&amp;gt;&amp;lt;/h3&amp;gt;

&amp;lt;p&amp;gt;An index fund attempts to invest in the securities of the benchmarked Index in the same Proportion of the security as it has in the Index. But it is not possible to purchase the securities in proportion. So, the fund manager has to round off this proportion to minimum number of shares that can be purchased on the exchange. This leads to a slight difference in the weights of securities between the index and the fund eventually resulting in tracking error.&amp;lt;/p&amp;gt;

&amp;lt;h3&amp;gt;&amp;lt;span style=&amp;quot;color:#e74c3c&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;2. Expenses incurred by the fund:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h3&amp;gt;

&amp;lt;p&amp;gt;Every mutual fund has to incur certain inevitable expenses such as transaction fee on sale or purchase of stocks, management fee etc. This is paid out of the corpus amount collected from the investors of the fund. So, the fund will invest less than what it has collected. This in turn will affects the returns as the fund will earn only on the amount which is invested. This difference will result in tracking error.&amp;lt;/p&amp;gt;

&amp;lt;h3&amp;gt;&amp;lt;span style=&amp;quot;color:#e74c3c&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;3. Setting aside a portion of corpus:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h3&amp;gt;

&amp;lt;p&amp;gt;To meet the requirements of requests for redemption, receipt of dividend etc. the fund shall set aside certain portion of its corpus. Since the redemption requests have to be met within a few days, fund managers cannot invest the amount set aside in any other asset to earn something. This makes the fund manager to invest less than what is collected and results in tracking error.&amp;lt;/p&amp;gt;

&amp;lt;h3&amp;gt;&amp;lt;span style=&amp;quot;color:#e74c3c&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;4. Circuit filters leading in deviation in weightage of securities:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h3&amp;gt;

&amp;lt;p&amp;gt;During the course of rebalancing the securities in the fund, the fund manager may not be able to buy or sell securities at the desired price or at the same time due to circuit filters imposed by the exchange. He might have to pay more to buy and receive less when he sells leading to distortion in the allocation of shares in same proportion as that of the benchmark index.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Why it matters?&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;Tracking error indicates how closely the fund is tracking the benchmark index. Low tracking errors indicates that the fund is closely replicating the benchmark index. Tracking error is an indicator of fund manager&amp;amp;rsquo;s skills and the amount of degree of volatility in the market. So, it is very important to review the tracking error of your index funds and assess the reasons for it before making any further decisions.&amp;lt;/p&amp;gt;
&amp;#039;,
				&amp;#039;img&amp;#039; =&amp;gt; &amp;#039;tracking-error-1380.png&amp;#039;,
				&amp;#039;alt_tag&amp;#039; =&amp;gt; &amp;#039;tracking error&amp;#039;,
				&amp;#039;meta_description&amp;#039; =&amp;gt; &amp;#039;What is tracking error?: A Tracking error in the context of mutual funds and hedge funds is the difference between return of an index fund and the index.&amp;#039;,
				&amp;#039;meta_keywords&amp;#039; =&amp;gt; &amp;#039;Share Market, Stock Market&amp;#039;,
				&amp;#039;left_sidebar&amp;#039; =&amp;gt; &amp;#039;1&amp;#039;,
				&amp;#039;sidebar_title&amp;#039; =&amp;gt; &amp;#039;What is tracking error?&amp;#039;,
				&amp;#039;visit_count&amp;#039; =&amp;gt; &amp;#039;509&amp;#039;,
				&amp;#039;status&amp;#039; =&amp;gt; &amp;#039;1&amp;#039;,
				&amp;#039;modified&amp;#039; =&amp;gt; &amp;#039;2019-06-02 05:50:29&amp;#039;,
				&amp;#039;created&amp;#039; =&amp;gt; &amp;#039;2017-12-29 08:48:19&amp;#039;
			)
		)
	),
	&amp;#039;latest_post&amp;#039; =&amp;gt; array(
		(int) 0 =&amp;gt; array(
			&amp;#039;Post&amp;#039; =&amp;gt; array(
				&amp;#039;id&amp;#039; =&amp;gt; &amp;#039;206&amp;#039;,
				&amp;#039;category_id&amp;#039; =&amp;gt; &amp;#039;11&amp;#039;,
				&amp;#039;title&amp;#039; =&amp;gt; &amp;#039;Do&amp;#039;s and Don&amp;#039;ts in Primary market dealings - Investors education series&amp;#039;,
				&amp;#039;slug&amp;#039; =&amp;gt; &amp;#039;dos-donts-primary-market-dealings&amp;#039;,
				&amp;#039;content&amp;#039; =&amp;gt; &amp;#039;&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;Do&amp;amp;rsquo;s and Don&amp;amp;rsquo;ts in Primary market dealings :&amp;lt;/strong&amp;gt; Primary market is a part of the capital market where issue of new securities takes place. It is the place where investors buy securities directly from the offering company before they start getting traded on secondary market i.e. stock exchanges. As an investor, while going for buying any new securities in the primary market, one should be cautious enough to make informed decisions with the best available information in the market. In this post, we share with you few Do&amp;amp;rsquo;s and Don&amp;amp;rsquo;ts that one should pay attention to in primary market.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;u&amp;gt;&amp;lt;strong&amp;gt;Do&amp;amp;rsquo;s in Primary market dealings:&amp;lt;/strong&amp;gt;&amp;lt;/u&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;span style=&amp;quot;color:#3498db&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Read the red herring/Abridged prospectus thoroughly&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;

	&amp;lt;ul&amp;gt;
		&amp;lt;li&amp;gt;Red herring prospectus contains the detailed information of the company&amp;amp;rsquo;s business operations and the detailed comprehension of the offer being made. It also consists of the information such as promoter&amp;amp;rsquo;s background, history of the company and its operations, financial statements, possible risk factors associated with the company&amp;amp;rsquo;s long term prospects, IPO rating if carried out and litigations that are outstanding against the company. All this information should be carefully read before one makes a decision to apply for the shares of any company.&amp;lt;/li&amp;gt;
		&amp;lt;li&amp;gt;If the investors, after reading the red herring prospectus finds any inaccuracies or incomplete information then he can raise the same with the merchant banker / the officers named in the document.&amp;lt;/li&amp;gt;
		&amp;lt;li&amp;gt;Read the instructions carefully before making your application for the securities.&amp;lt;/li&amp;gt;
	&amp;lt;/ul&amp;gt;
	&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;strong&amp;gt;Consider the objective of your investment before choosing to invest in any company. Choice of investments may vary depending up on the fact whether you are looking for a capital appreciation or for a monthly receipt of coupon interest etc.&amp;lt;/strong&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;strong&amp;gt;If your demat account has not yet been credited with the shares even after successful allotment within the due period, lodge a complaint with the compliance team of the issuer.&amp;lt;/strong&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;strong&amp;gt;Check the registration of the brokers/sub brokers before getting to deal with them.&amp;lt;/strong&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;strong&amp;gt;Check the reputation and back ground of the underwriters involved with the IPO.&amp;lt;/strong&amp;gt;&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Do&amp;amp;rsquo;nts:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t get carried away by the buzz created on the print and electronic media about the promoters/founders. Don&amp;amp;rsquo;t forget the fact that the fundamentals of the company are more important than the promoter&amp;amp;rsquo;s public image.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t invest just based on the prevailing market conditions that might be favorable to the company you are choosing to invest in. Don&amp;amp;rsquo;t forget to check the future prospects of the company&amp;amp;rsquo;s business operations.
	&amp;lt;ul&amp;gt;
		&amp;lt;li&amp;gt;Eg: Had Paytm come with an IPO soon after demonetization, the issue would have been definitely successful. This would have been an exaggeration given the momentum in which the Indian economy was post Nov 2016. But the true picture of such IPOs is known only when the investors are well informed.&amp;lt;/li&amp;gt;
	&amp;lt;/ul&amp;gt;
	&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t blindly apply for the securities if any government sponsored IPO come up. Pay the same attention as in the case of any other IPO. One may argue that the government guarantees the capital you invest there, but a fundamentally weaker company will definitely result in losses once it loses its position no matter what the government may do.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t invest with an expectation of realizing high returns upon listing.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t buy in the promises of the promoters that may guarantee you unrealistic gains and windfall profits.&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;
&amp;#039;,
				&amp;#039;img&amp;#039; =&amp;gt; &amp;#039;do-s-and-don-ts-in-primary-market-dealings-4423.png&amp;#039;,
				&amp;#039;alt_tag&amp;#039; =&amp;gt; &amp;#039;Do’s and Don’ts in Primary market dealings&amp;#039;,
				&amp;#039;meta_description&amp;#039; =&amp;gt; &amp;#039;Do&amp;#039;s and Don&amp;#039;ts in Primary market dealings : Primary market is a part of the capital market where issue of new securities takes place. Know more from below.&amp;#039;,
				&amp;#039;meta_keywords&amp;#039; =&amp;gt; &amp;#039;Share Market, Stock Market&amp;#039;,
				&amp;#039;left_sidebar&amp;#039; =&amp;gt; &amp;#039;1&amp;#039;,
				&amp;#039;sidebar_title&amp;#039; =&amp;gt; &amp;#039;Do&amp;#039;s and Don&amp;#039;ts in Primary market dealings&amp;#039;,
				&amp;#039;visit_count&amp;#039; =&amp;gt; &amp;#039;576&amp;#039;,
				&amp;#039;status&amp;#039; =&amp;gt; &amp;#039;1&amp;#039;,
				&amp;#039;modified&amp;#039; =&amp;gt; &amp;#039;2019-06-02 06:14:14&amp;#039;,
				&amp;#039;created&amp;#039; =&amp;gt; &amp;#039;2017-12-13 09:16:53&amp;#039;
			)
		),
		(int) 1 =&amp;gt; array(
			&amp;#039;Post&amp;#039; =&amp;gt; array(
				&amp;#039;id&amp;#039; =&amp;gt; &amp;#039;207&amp;#039;,
				&amp;#039;category_id&amp;#039; =&amp;gt; &amp;#039;11&amp;#039;,
				&amp;#039;title&amp;#039; =&amp;gt; &amp;#039;Do&amp;#039;s and Don&amp;#039;ts in Secondary market &amp;amp; Investors education series&amp;#039;,
				&amp;#039;slug&amp;#039; =&amp;gt; &amp;#039;dos-donts-secondary-market&amp;#039;,
				&amp;#039;content&amp;#039; =&amp;gt; &amp;#039;&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Do&amp;amp;rsquo;s and Don&amp;amp;rsquo;ts in Secondary market:&amp;amp;nbsp;&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;Secondary market is a place where the securities issued in the primary market are bought and sold. It is the stock market where the securities are traded post their issuance in the primary market. The main difference between primary and secondary market is that the trading takes place among the investors in the secondary market while it is between the issuer and investor in the primary market.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Do&amp;amp;rsquo;s in in Secondary market:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;img alt=&amp;quot;Do’s and Don’ts in Secondary market&amp;quot; class=&amp;quot;class_box_shadow-ar-image&amp;quot; src=&amp;quot;https://aglatax.com/img/blog/do-s-and-don-ts-in-secondary-market-img-1-204f5.jpeg&amp;quot; style=&amp;quot;height:479px; width:948px&amp;quot; /&amp;gt;&amp;lt;/p&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;Carefully check various sources of information about the company you would like to invest. Sources such as websites of the companies and stock exchanges, databases of data vendors, business channels and magazines, newspapers etc. help the investors very much to know about the fundamentals, management of the company, latest developments, current performance and recent announcements of the company.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Deal only with brokerage firms that are licensed /registered with the stock exchanges and SEBI&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Read and enquire about the brokerage firms before opening a trading account. Compare the commissions charged by different brokers across the market.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Plan your investment strategy keeping in view your financial goals. Minimize the risk by diversified investments.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Assess the liquidity and safety aspects of the securities before you make any buying decisions. Always remember &amp;amp;lsquo;buy low &amp;amp;amp; sell high&amp;amp;rsquo;.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Periodically review the statement of transactions history of your trading account. Carefully think while giving the instructions to broker to place any buy or sell orders.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Try to confirm with the official source of information about the recent developments in the company&amp;amp;rsquo;s affairs and corporate developments instead of simply relying the media reports.&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Don&amp;amp;rsquo;ts:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;img alt=&amp;quot;Do’s and Don’ts in Secondary market&amp;quot; class=&amp;quot;class_box_shadow-ar-image&amp;quot; src=&amp;quot;https://aglatax.com/img/blog/do-s-and-don-ts-in-secondary-market-img-2-205a6.jpeg&amp;quot; style=&amp;quot;height:492px; width:918px&amp;quot; /&amp;gt;&amp;lt;/p&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t blindly follow the free investment advice you receive on TV Channels, Face book groups. Assess yourself of the reality before taking your decisions.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t make any buying/ selling orders without considering the potential risks that are involved in the investment.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t pay any heed to the rumors and tips of your brokers without your own judgment of the issue on the ground.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t get carried away by the sudden surges in the share price of a fundamentally weaker company.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;At times, the market sentiments may result in un-anticipated fall in the share prices of fundamentally strong companies. Don&amp;amp;rsquo;t try to play the momentum.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t hesitate to contact your broker in case of any discrepancies between your instructions and the actual transactions the broker has placed.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t engage in the artificial demands and supplies created in the market. Try to hold the securities for a while rather going to gain from the momentary rise or fall.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t sign blank forms such as delivery instruction slip&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t get mislead by the advertisements you see in the media on the recent developments that may be distantly unrealistic given the historical trend in the company&amp;amp;rsquo;s performance. Don&amp;amp;rsquo;t make any decisions based on such luring information without cross checking the same with multiple sources.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t reveal the credentials of your online accounts with anyone. In case of any suspicious activity, try to change the password after reviewing the account once.&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;Recommended Article&amp;lt;/strong&amp;gt;&amp;lt;/p&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/share-market/dos-donts-primary-market-dealings.html&amp;quot; rel=&amp;quot;noopener&amp;quot; target=&amp;quot;_blank&amp;quot; title=&amp;quot;Do’s and Don’ts in Primary market dealings&amp;quot;&amp;gt;Do&amp;amp;rsquo;s and Don&amp;amp;rsquo;ts in Primary market dealings&amp;lt;/a&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/gst/reverse-charge-gst.html&amp;quot; rel=&amp;quot;noopener&amp;quot; target=&amp;quot;_blank&amp;quot; title=&amp;quot;Reverse Charge&amp;quot;&amp;gt;Reverse Charge&amp;lt;/a&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/gst/audit-assessment-gst.html&amp;quot; rel=&amp;quot;noopener&amp;quot; target=&amp;quot;_blank&amp;quot; title=&amp;quot;Audit and Assessment&amp;quot;&amp;gt;Audit and Assessment&amp;lt;/a&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/gst/role-cma-gst.html&amp;quot; rel=&amp;quot;noopener&amp;quot; target=&amp;quot;_blank&amp;quot; title=&amp;quot;Role of CMAs in GST&amp;quot;&amp;gt;Role of CMAs in GST&amp;lt;/a&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/gst/accounts-records-gst.html&amp;quot; rel=&amp;quot;noopener&amp;quot; target=&amp;quot;_blank&amp;quot; title=&amp;quot;Accounts and Records&amp;quot;&amp;gt;Accounts and Records&amp;lt;/a&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/gst/composition-scheme-gst.html&amp;quot; rel=&amp;quot;noopener&amp;quot; target=&amp;quot;_blank&amp;quot; title=&amp;quot;Composition Scheme&amp;quot;&amp;gt;Composition Scheme&amp;lt;/a&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;
&amp;#039;,
				&amp;#039;img&amp;#039; =&amp;gt; &amp;#039;do-s-and-don-ts-in-secondary-market-7054.png&amp;#039;,
				&amp;#039;alt_tag&amp;#039; =&amp;gt; &amp;#039;Do’s and Don’ts in Secondary market&amp;#039;,
				&amp;#039;meta_description&amp;#039; =&amp;gt; &amp;#039;Do&amp;#039;s and Don&amp;#039;ts in Secondary market:A Secondary market is a place where the securities issued in the primary market are bought and sold. Know more from below&amp;#039;,
				&amp;#039;meta_keywords&amp;#039; =&amp;gt; &amp;#039;Share Market, Stock Market&amp;#039;,
				&amp;#039;left_sidebar&amp;#039; =&amp;gt; &amp;#039;1&amp;#039;,
				&amp;#039;sidebar_title&amp;#039; =&amp;gt; &amp;#039;Do&amp;#039;s and Don&amp;#039;ts in Secondary market&amp;#039;,
				&amp;#039;visit_count&amp;#039; =&amp;gt; &amp;#039;568&amp;#039;,
				&amp;#039;status&amp;#039; =&amp;gt; &amp;#039;1&amp;#039;,
				&amp;#039;modified&amp;#039; =&amp;gt; &amp;#039;2019-06-02 06:13:54&amp;#039;,
				&amp;#039;created&amp;#039; =&amp;gt; &amp;#039;2017-12-13 09:30:55&amp;#039;
			)
		),
		(int) 2 =&amp;gt; array(
			&amp;#039;Post&amp;#039; =&amp;gt; array(
				&amp;#039;id&amp;#039; =&amp;gt; &amp;#039;208&amp;#039;,
				&amp;#039;category_id&amp;#039; =&amp;gt; &amp;#039;11&amp;#039;,
				&amp;#039;title&amp;#039; =&amp;gt; &amp;#039;Do&amp;#039;s and Don&amp;#039;ts while dealing with Brokers &amp;amp; sub-brokers in stock market&amp;#039;,
				&amp;#039;slug&amp;#039; =&amp;gt; &amp;#039;dos-donts-dealing-brokers&amp;#039;,
				&amp;#039;content&amp;#039; =&amp;gt; &amp;#039;&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Do&amp;amp;rsquo;s and Don&amp;amp;rsquo;ts while dealing with Brokers and sub-brokers in the stock market:&amp;lt;/u&amp;gt;&amp;amp;nbsp;&amp;lt;/strong&amp;gt;Stock broker means a member of a stock exchange. Sub-broker means any person not being a member of stock exchange who acts on behalf of a stock broker as an agent or otherwise for assisting the investors in buying, selling or dealing in securities through such stock brokers. The role of brokers and sub-brokers in the market is worth mentioning. In this post, we list out the dos and don&amp;amp;rsquo;ts while we dealing with the brokers in the securities market.&amp;lt;/p&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Do&amp;amp;rsquo;s while dealing with Brokers and sub-brokers:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;Deal with the only those brokers who are registered with SEBI. The same can be ensured by checking the SEBI registration certificate of the brokers/sub-brokers. One can verify the validity of the registration certificate by cross checking the same in SEBI website.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Ensure that the broker is permitted to transact in the market. Review and enquire as there may exist any ban on him by SEBI barring from trading.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Give clear and unambiguous instructions to your broker/ sub-broker stating who will be placing orders on your behalf.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Before you go ahead transacting with the broker, ensure that the client registration form is signed by him&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;img alt=&amp;quot;Do’s and Don’ts while dealing with Brokers&amp;quot; class=&amp;quot;class_box_shadow-ar-image&amp;quot; src=&amp;quot;https://aglatax.com/img/blog/do-s-and-don-ts-while-dealing-with-brokers-img-2070d.jpeg&amp;quot; style=&amp;quot;height:464px; width:887px&amp;quot; /&amp;gt;&amp;lt;/p&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;Read all terms and conditions and risk disclosure document carefully while entering into an agreement with the broker.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Ensure that you sign on all the pages of the agreement and make sure that the broker or a representative authorized signs on all the pages of the agreement. Also the agreement should be signed by the witnesses by giving their name and address.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Insist on contract note/confirmation memo for transactions carried out each day. Insist on receipt of bill for every settlement. In case of any discrepancies, check with the trading account history &amp;amp;amp; exchange&amp;amp;rsquo;s website.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Make sure that broker&amp;amp;rsquo;s name, trade time and number, transaction price and brokerage are mentioned distinctly on the contract note.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;In case of any disputes, ensure that written complaint is filed within a reasonable time to intermediary/ Stock Exchange/SEBI.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;In case of disputes with sub-broker, inform the main broker about the dispute within 6 months.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Keep updating yourself with the rules, regulations and recent circulars issued by stock exchanges /SEBI before carrying out any transaction.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Track the details of securities in your portfolio by regularly reviewing your demat account.&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;

&amp;lt;h2&amp;gt;&amp;lt;span style=&amp;quot;color:#2ecc71&amp;quot;&amp;gt;&amp;lt;strong&amp;gt;&amp;lt;u&amp;gt;Don&amp;amp;rsquo;ts while dealing with Brokers and sub-brokers:&amp;lt;/u&amp;gt;&amp;lt;/strong&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/h2&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t deal with unregistered brokers in any circumstances.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t sign the agreement with the intermediary without understanding its terms and conditions&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t pay the brokerage more than the % approved while registering with the broker.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t sign blank Delivery instructions slip in any circumstance.&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t execute any off market transaction or payment of funds to sub broker.&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;img alt=&amp;quot;Do’s and Don’ts while dealing with Brokers&amp;quot; class=&amp;quot;class_box_shadow-ar-image&amp;quot; src=&amp;quot;https://aglatax.com/img/blog/do-s-and-don-ts-while-dealing-with-brokers-img-2-2080a.jpeg&amp;quot; style=&amp;quot;height:353px; width:913px&amp;quot; /&amp;gt;&amp;lt;/p&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t accept unsigned contract notes/confirmation memo&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t get carried away by unrealistic advertisements offering extremely lower brokerage rates&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Do not share your login/trading password with any one even with the brokers&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;Don&amp;amp;rsquo;t make decisions based on the free investments given by brokers. Make your own judgment of the same before you start dealing with it.&amp;lt;/li&amp;gt;
&amp;lt;/ul&amp;gt;

&amp;lt;p&amp;gt;&amp;lt;strong&amp;gt;Recommended&amp;lt;/strong&amp;gt;&amp;lt;/p&amp;gt;

&amp;lt;ul&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/gst/reverse-charge-gst.html&amp;quot; rel=&amp;quot;noopener&amp;quot; target=&amp;quot;_blank&amp;quot; title=&amp;quot;Reverse Charge&amp;quot;&amp;gt;Reverse Charge&amp;lt;/a&amp;gt;&amp;lt;/li&amp;gt;
	&amp;lt;li&amp;gt;&amp;lt;a href=&amp;quot;https://aglatax.com/gst/audit-assessment-gst.html&amp;quot; rel=&amp;quot;noopener&amp;quot; target=&amp;quot;_blank&