The present revision is a thorough updating of all facts and figures, keeping the basic framework intact. In all discussions, the conceptual side was kept in mind, before setting out the practical and operational Aspects. The coverage is comprehensively wide from the Basics to High Tech Services in the 21st century. The Financial Services, including banking and non-banking services are the fastest growing sectors now. The recent boom of 2004-05 on the stock market was led by banking sector, followed by other services. The economic and financial reforms are continued with renewed vigour with emphasise on infrastructure, which is the backbone of the economy. For this and other reforms, the role of financial services cannot be overemphasised. This book L, sweepingly wide, covering as it does, the financial architecture including the Regulatory, Authorities like RBI, SEM, IRDI etc., financial and non-financial intermediaries in the financial markets, alongwith a discussion on the markets, ranging from the call money market of one day to insurance market of life time saving and investments and the players the markets and the retail investors who are all covered in the discussions. The theory and practice are juxtaposed to be useful to students in the real world. The analysis is kept simple and lucid for the average students to grasp the basics of the subject. As the reforms are a continuous process and developments in policy changes are taking place daily, the Daily Financial Press is an added advantage to the students of this subject. The coverage of the book is so wide that it can be adopted for many subjects in Finance and Commerce streams and for both graduate and undergraduate courses in universities and colleges in India. Both domestic and foreign markets are covered as also banking and non-banking financial services and the related markets. The Financial Services, Financial markets and marketing of these services have all found a place in this book. It can be used for many competitive examinations in finance area. The revised book is more student-friendly and hopefully it continues to receive the patronage of the students and faculty alike for many subjects in the finance area. Contents : PART I : FINANCIAL SYSTEM 1. Financial System and real System 2. Reserve Bank and Financial System 3. Savings and Investment for growth 4. Financial System-Intermediation PART II : RBI AND BANKING SYSTEM 5. Reserve Bank as Central Bank in India 6. RBI-Organisation and Functions 7. Reserve Bank: Its Role 8. Commercial Banking 9. Banks as Intermediaries 10. Credit Cards in India (Plastic Money) PART III : NBFCs AND THEIR SERVICES 11. NBFCS-An Overview 12. Growth of Non-Bank Financial Services 13. Management of Financial Services 14. Merchant Banking 15. Mutual Funds 16. Venture Capital Funds PART IV : FINANCIAL SERVICES IN INDIA 17. Lease, Hire-Purchase and Housing Finance 18. Credit Rating Services 19. Role Of Registrars 20. Underwriting Services 21. Marketing of Issues 22. Custodian and Custodial Services 23. Factoring and Forfaiting 24. Insurance Services 25. Mergers and Acquisitions 26. Sample Case Studies on Companies PART V : SEBI AND ITS REFORMS 27. SEBI and Investor Protection 28. Functions of SEBI 29. Institutional Structure in capital Market 30. Reforms and State of Capital Market PART VI : FINANCIAL MARKETS IN INDIA 31. New Issues Market and Problems 32. Money Markets and Its Instruments 33. Securities Trading Regulations 34. Instruments of Issues and Trading 35. Stocks Market in India 36. OTCEI and NSE 37. Stock Market Operations and Functions 38. Trading in the Equity Market 39. DEBT (Gilted Securities) Market PART VII : MARKET INDICATORS AND PORTFOLIO MANAGEMENT SERVICES 40. Security Market Indicators 41. Interest Rates − Theory and Structure 42. Basics of Portfolio Management Services PART VIII : INTERNATIONAL MARKETS 43. Foreign Exchange Markets 44. Euro-Currency Markets 45. Exchange Risk Management 46. Exchange Management in India 47. Marketing of Financial Services

It is gratifying to note that this book has come for the eleventh revision, for which the credit should be given to the faculty and students alike interested in this subject. This is particularly tuned to the Indian students and to the Indian environment or to the similarity of this. The theoretical part is kept simple and lucid for the average student to understand easily. The tenor of the treatment is that the subject is practical oriented and useful for self study and the student’s own analysis and research, on many topics of this subject. Every edition has included some new changes such as new case studies or examples in addition of the updating of the material. Many errors which crept into it at various stages have also been rectified. The effort of each edition is at improving the subject and further simplification of the material. In a subject as this, there are bound to be some repetitions and they are purposely kept intact for the benefit of the students. Each chapter is made self-sufficient, so that the reader can concentrate only on those topics without going back and forth. As such, some concepts and material have to be repeated quite often such as the return and risk, types of return and risk, etc. The revision has to bear in mind that although the conceptual part of portfolio management or security analysis may remain unchanged, the environment in which practical operations take place change from time to time depending on a host of factors. For this reason, the material needs to be updated from time to time. The portfolio management depends on the securities pricing, their risk-return characteristics and the corporate state of affairs, which depends on the economy, industry, and savings and investment trends in the sector and the economy. In fact, the stock market being a window of the economy, has to reflect all facts and figures of the economy — internal and external. The GDP growth rate was robust up to 2007-08 but declined to around 6.8%, in 2008-09 and hopes are that it will continue to grow at around 8% in 2009-10 and 8.5% in 2010-11. Despite such hope, the IIP growth rate was only 8% and in particular the infrastructure industrial growth rate was lower at 6.6% in 2009-10 and 5% in 2011-12. Even then, the continued growth rate of GDP in the economy of India was maintained by the growth of around 9 to 10% in services sector. Contents : 1. Introduction to Securities 2. Markets for Securities and Taxes 3. Risk and Return − Concepts and Analysis 4. Economic Analysis 5. Industry Analysis 6. Basis for Company Analysis 7. Company Studies and Earnings Forecasts 8. Company Analysis and Equity Research 9. Security Pricing 10. Financial Arithmetics for Equity and Bonds 11. Bond Analysis − Macro-Level 12. Bond Analysis − Micro-Level 13. Bond Management Strategies 14. Options Trading 15. Valuation of Rights, Warrants and Convertible Claims 16. Futures Trading 17. Fundamental Analysis 18. Technical Analysis 19. Efficient Market Theory (Random Walk Hypothesis) 20. Introduction to Portfolio Theory 21. Capital Market Theory 22. Risk and Return in Portfolio Management 23. Capital Asset Pricing Model (CAPM) 24. Portfolio Analysis 25. Diversification and Techniques of Risk Reduction 26. Basics of Portfolio Management in India 27. Markowitz Model 28. modern Portfolio Theory 29. Portfolio Management: Construction, Revision and Evaluation 30. Portfolio Management by Corporates 31. Portfolio Revision-Further Aspects 32. Linear Programming Application 33. Portfolio Management in Mutual Funds 34. Trading in Portfolio Management 35. Securities Market Report (BSE) Selected Bibliography

Treasury management is a specialized subject in the finance area. It encompasses the funds management and investment management along with the trading operations in the financial markets. The functions of Treasury involve all the above items inter alia. To the extent that the companies have problems of liquidity and solvency − short term and long term − they have the need for Treasury management. This book makes a comprehensive treatment of all related aspects of the Treasury operations. Planning and budgeting and forecasting the funds flows and shortages and surpluses to be taken care of by the Treasury have become a part of this book. All the operations of the Treasury in the markets and investment management of their portfolios are discussed in this book along with the risk management techniques adopted by them. The various contextual and environment problems to the Treasury have found a place in this book. This is thus a comprehensive treatment of a narrow and highly specialized subject of Treasury management. All the financial markets are well regulated by RBI and SEBI with good infrastructure, institutional framework, with depth and width in the markets, which makes it a challenge to the Treasury to make efficient operations. The latest policy changes of all the relevant policies affecting the money & capital markets, gilt edged and forex markets etc. have found a place in this book. In the present context of the Indian economy, moving towards globalization, deregulation and privatization, the markets have become more competitive which makes more challenging the task of Treasury manager. In all the areas that this book is concerned, the material has been updated and many changes have been incorporated to make it more comprehensive and useful to all the readers and students of this subject. Contents : Part I - SCOPE AND COVERAGE 1. Introduction to Treasury Function 2. Micro Treasury Operations 3. Scope and Functions of Treasury Management 4. Accounting and Legal Backdrop Part II - ANALYSIS AND PLANNING IN TREASURY FUNCTION 5. Financial Statement Analysis 6. Corporate Balance Sheet Analysis 7. Finance and Investment Decisions 8. Financial Forecasting 9. Short-term Financial Planning 10. Long-term Financial Planning 11. Internal Treasury Control Part III - OPERATIONS IN FINANCIAL MARKETS 12. Financial Markets - An Overview 13. Money Market Operations 14. Gilt-Edged Market Operations 15. Forex Market Operations 16. Bank's Balance Sheet Analysis 17. Treasure Management in Commercial Banks 18. Risk Management in Market Operations 19. Impact of Treasury Operations Part IV - ENVIRONMENT IN TREASURY MANAGEMENT 20. Tax Management and Planning 21. Government Policies and Industrial Regulation 22. Bankruptcy Management 23. RBI Policies and Industry 24. Banking Relationships 25. Managing Investor Relations 26. MIS for Treasury Operations Bibliography

During the last two decades or so, the global industrial landscape had been completely redrawn by the forces of globalization, deregulation and unprecedented technological development. Companies have responded to the competitive pressures unleashed by these forces through extensive repositioning programmes involving mergers, acquisitions, alliances, divestitures and demergers. Back home in India, most Indian companies and business groups would seem to have been caught unawareness initially by the momentous and rapid changes brought about by the economic reforms. However, after the tentativeness of the early years of reform, several of them would seem to have come to terms with the new realities of an intensively competitive domain and have been undertaking extensive restructuring both at the operational and at the strategic levels. In this scenario, it is important that the management students are to be fully alive to the complex issues associated with corporate restructuring based growth strategies so that they, in turn, are able to manage the problem in their professional career. In this context, this book, Corporate Restructuring: Merger, Acquisition and Other Forms, will make useful reading capturing the important concepts and texts of corporate restructuring along with highlighting some practical cases from India and abroad. The book has been divided into four sections. The first section deals with the concepts and strategy for corporate restructuring. As M&As is the most popular and important form of corporate restructuring, the second section is exclusively devoted for its basics, procedure, issues and aspects, due diligence process, basics of target valuation and its different methods. In addition, this section includes the legal and regulatory framework, accounting aspect and risks management aspect of M&As in Indian context. While the third section of the book portrays other forms of corporate restructuring, viz: demergers, takeovers, strategic alliance, joint ventures, ESOPs and share buybacks; the last section interestingly deals with the most important aspect of these business dealings-the case studies on some of the world`s most remarkable restructuring cases in contemporary times, conspicuously: DaimlerChrysler, Citigroup-Travelerss, Takeover of Raasi Cements by India Cements, Bharti-Wal-Mart Retail, Strategic Alliance of Yahoo! and e-Bay, Tata-Tetley acquisition through LBO, ESOPs by Infosys Technologies Ltd., and Buyback of Siemens Ltd. Contents : Section : I - Basics 1. Corporate Restructuring: An Overview 2. Corporate Restructuring: A Strategic Perspective Section : II - Merger and Acquisition 3. Merger and Acquisition: Basics 4. Procedure, aspects and issues in Merger and acquisition 5. Due Diligence 6. Basics of Valuation 7. Business Valuation Methods 8. The Legal and Regulatory Framework 9. Accounting for Merger and Acquisition 10. Managing Risks in Merger and Acquisition Section : III - Other Forms 11. Demerger 12. Takeover 13. Strategic Alliance 14. Joint Venture 15. Leveraged Buy Out (LBO) 16. Employee Stock ownership Plan (ESOP) 17. Financial Restructuring: Shares Buyback Section : IV - Case Studies 18. Case Studies

The changing corporate environment and disclosure of information to the community play an important role in building investors’ confidence and interest in stimulating the development of Indian Financial Market. The significance of corporate reporting has gained much momentum during recent years due to shift in the emphasis from the concept of ‘shareholders’ to ‘stakeholders’; the enactments and amendments in disclosure laws in India and abroad and high information requirements of the users. With the economic liberalisation and globalised business operation, Indian corporates are facing difficulties in disclosure and reporting practices of their economic activities The text book “Corporate Reporting in India” is intended to provide students with a contemporary and comprehensive course of study in reporting practices followed by Indian Corporate Sector such as Regulatory Framework on Reporting, Annual Reporting, Interim Reporting, Shareholders Reporting, Corporate Governance Reporting, Segment Reporting, Human Resource Accounting Reporting, Corporate Sustainability Reporting, Integrated Reporting, Value Added Reporting, Corporate Social Responsibility Reporting, Environmental Reporting, Financial Audit Reporting, Cost Audit Reporting, Management Audit Reporting, Tax Audit Reporting XBRL, Business Responsibility Reporting, Ind AS and Global Convergence of IFRS. Key features of this issue are: - Contains concepts, principles, underlying theory - Contains case studies of Indian companies of latest period - Exam oriented questions and answers - Highly useful for syllabus of Corporate Reporting in M.Com. / MBA / CA / ICWA / ICSI / UGC-NET and other professional courses. Contents - 1. Corporate Financial Reporting: Overview 2. Regulatory Framework 3. Annual Reporting 4. Interim Reporting 5. Segment Reporting 6. Shareholders’ Reporting 7. Corporate Social Responsibility Reporting 8. Business Responsibility Reporting 9. Corporate Governance Reporting 10. Human Resource Reporting 11. Extensible Business Reporting Language 12. Environmental Reporting 13. Value Added Reporting 14. Corporate Sustainability Reporting 15. Integrated Reporting 16. Financial Audit Reporting 17. Cost Audit Reporting 18. Management Audit Reporting 19. Tax Audit Reporting 20. AS, Ind-AS, IFRS and Convergence of AS References

The book depicts in a simple and lucid language the subject `Indian Financial System` which is viewed otherwise as somewhat complex by the students and other readers. In this book, the authors who have been involved in teaching diverse courses for long, have made an earnest effort to develop a concise and yet analytical presentation amply supported by the statistics revealing the trends - past and present - in the Indian Financial System. In the recent years, the subject Indian Financial System has attracted the attention of all - the knowledgeable and the layman. Though the book is meant primarily for the students at graduation level, it would be found interesting and informative by others as well. Book Content of Indian Financial System 1. Financial System: Definition and Meaning, Constituents and Functions 2. Macro Economic Dimensions of Financial System 3. Flow of Funds and Financial Development 4. Indian Financial System: Past and Present 5. Major Issues in the Indian Financial System: Narasimham Committee Report (1991) 6. Financial Institutions − Reserve Bank of India: Monetary Policy of RBI 7. Commercial Banks: Assets and Liabilities of Commercial Banks and Co operative Banks 8. Non-Bank Finance Companies (NBFCs) 9. Development Finance Institutions 10. Investments Institutions: Insurance Companies and Mutual Funds 11. Small Savings, Provident Fund and Pension Fund 12. Financial Services 13. Financial Markets in India 14. Money Market 15. Government Securities Market: Internal Debt: Debt Trap 16. Capital Market 17. Secondary Capital Market: Stock Exchanges 18. Foreign Exchange Market 19. International Financial Markets 20. Financial Inclusion − Microfinance Annexure

This microbook visibilises via lived reality analysis the ramifications of demonetisation on various facets of the lives, labour and livelihoods of the marginalised, specifically construction workers, both men and women. The impacts of Notebandi are estimated and quantified in measurable terms, combined with the articulation of people's testimonies based on their experiences, struggles and coping strategies affected specifically by demonetisation. The push given by Notebandi to the intensification of the process of economic and extra-economic deterioration from deprivation to destitution is captured through three phases: the pre-demonetisation reality, the first few months after November 2016 to identify the immediate repercussions and the post-demonetisation phase in order to unravel the long-term and irreversible consequences. Contents - 1. Introduction 2. Methodology and Area of Research 3. Ground Evidence I. Introduction II. Demographics III. Financial Inclusion IV. Employment and Income Patterns V. Expenditure VI. Savings and Borrowings 4. Conclusion Select Bibliography Appendices

The principle objective of the book is to provide students and teachers an insight into the Indian Financial Markets and varied as well as diversified financial services The study consists of THIRTY-TWO chapters and Five appendices grouped into TWO parts. Part one discuss the concept, coverage, functions and working of varied financial markets. Part two deals with the varied and diversified financial services. Only the key important financial services are included in the study. The book provides ample undated material on the innovative and growing Indian Financial Markets and Financial Services in a lucid style. It also provides the insight and analysis which reflects the curiosity of its readers. The writing is smart, challenging, yet always very accessible is stimulating, informative and authoritative. The title is not intended to be comprehensive, nor could it be at this length, but it concentrates on putting across the basic principles of the subject as briefly and lucidly as possible. It does this with the aid of carefully selected examples, some recent and other classic or the field, and with numerous illustrations. The aim is to enthuse the readers with this active and exciting area of research and to lay a solid foundation on which future study of its various facts may be based. The book is intelligible to the educated layman, though it deals with some complex ideas. It is an adequate text for all the requirements of students in this area. Contents : 1. Introduction Part One - Finanial Markets 2. Financial Market Evolution and Globalization 3. Structure and the Growth of Financial Markets in India 4. Money Market 5. Call Money Market 6. The Bill Market 7. Repo Market 8. The New Issue Market 9. Government Securities Market 10. The Debt Market 11. The Futures Market 12. The Capital Market 13. Recent Trends in the Capital Market 14. Integration of Money and Capital Markets 15. Foreign Exchange Market 16. Stock Exchange Transactions Appendices Part Two - Financial Services 17. Financial Services 18. Merchant Banking 19. Leasing 20. Hire-Purchase 21. Venture Capital 22. Mutual Funds 23. Money Market Mutual Funds 24. Factoring 25. Forfating 26. Securitisation of Debt 27. Derivatives 28. Credit Rating 29. Credit Cards 30. Depository and Custodial Services 31. The Brokerage Services 32. Securities and Exchange Board of India

Financial System is the mirror reflection of an economy. The performance of any economy to a large extent, is dependent on the performance of the financial institution. In such an environment the agility to adopt to emerging dynamics is the deciding the growth of sound financial system. The rules of the game is on Mergers and Acquisitions. The financial services industry is seeing a consolidation, with all segments of players offering of a plethora of services. In the post liberalisation era, the finance sector is witnessing a complete metamorphosis. Deregulation measures have included the freeing up of direct controls over ownership, liberalising interest rates and credit allocation, deregulating foreign exchange transaction controls, freeing up the entry of new firms, and expanding and broadening the base of the banking system both for nationals and international business ventures. At the same time, non-banking financial institutions, securities markets and money markets have developed to mobilize and allocate savings. Experience suggests that financial liberalisation needs to be undertaken alongside macro-economic reform. In this context, 'Fundamentals of the Indian Financial System' is a subject that is assuming greater importance and is bound to be one of the key topics of discussion during the next two/three decades. This is, as it should be, to consider what sorts of financial institutions will be best suited to be economic environment in the 21st century. Book Content of Fundamentals of the Indian Financial System PART ONE FINANCIAL SYSTEM 1. The Structure of the Financial System 2. Function of the Financial System 3. Financial System and Economic Development 4. Financial Development Ratios 5. Fund Flow Analysis 6. Reforms in Financial Sector in India PART TWO FINANCIAL INSTITUTIONS 7. The Reserve Bank of India 8. Functions of Reserve Bank of India 9. Monetary Policy and Credit Control 10. Commercial Banking 11. Non-Banking Financial Intermediaries 12. Mutual Funds and Insurance Business in India 13. The Insurance Regulatory and Development Authority (IRDA) PART THREE FINANCIAL MARKETS 14. Role and Structure of the Money Market 15. The Capital Market 16. The Indian Debt Markets New Issue Market 17. New Issue Market 18. Call Money Market 19. Bills Market 20. Foreign Exchange Markets PART IV GOVERNMENT AND INDUSTRIAL SECURITIES MARKETS 21. Integration of Money and Capital Markets 22. Equity and Loan Capital 23. Role and Functions of Stock Exchanges 24. The National Stock Exchange of India 25. Over the Counter Exchange of India 26. Discount and Finance House of India 27. Securities and Exchange Board of India 28. Stock Holding Corporation of India 29. Credit Rating in India 30. Market for Derivatives PART V INTERNATIONAL FINANCE MARKETS 31. Nature, Organisation and Participants 32. Offshore Financing Instruments 33. Role and Functions of the Asian Development Bank Appendices Appendix I Appendix II Appendix III

The financial system in India comprising of financial institutions, financial markets, instruments and services is characterised by rwo major segments − a growing organised sector and a traditional informal sector. The key to maintaining high growth with reasonable price stability lies in rapid capacity additions through investments, productivity improvements, removal of infrastructural bottlenecks ameliorating the skill shortages and improving the effectiveness of government intervention in critical areas for more inclusive growth. The Financial System is a subject that is assuming greater importance and is bound to be one of the key topics of discussion duriing the next two/three decades. This is, as it should be, to consider what sorts of financial institutions will be best suited to the economic environment in the forthcoming millennium. A financial system provides services that are essential in a modern economy. The use of a stable, widely accepted medium of exchange reduces the costs of transactions. It facilitates trade and, therefore, specialization in production. Financial assets with attractive yield, liquidity, and risk characteristics encourage saving in financial form. By evaluating alternatine investments and monitoring the activities of borrowers, financial intermediaries increase the efficiency of resource use. Access to a varity of financial instrumrnts enables economic agents to pool, price, and exchange risk. Trade, the efficient use of resources, saving, and risk taking are the cornerstones of a growing economy. Book Content of The Indian Financial System and Financial Market Operation PART I : THE INDIAN FINANCIAL SYSTEM 1. Financial Systems: An Overview 2. The Indian Financial System 3. The Reserve Bank of India 4. Monetary Policy and Credit Control 5. Development Finance Institutions 6. Insurance and Mutual Funds 7. Interest Rate Structure 8. Financial Sector Reforms PART II : FINANCIAL MARKET OPERATIONS 9. The Money Markets 10. The Capital Market 11. Recent Trends in the Capital Market 12. Stock Exchange Transaction 13. The New Issue Market 14. Government Securities Market 15. Investor`s Protection 16. Financial Services 17. Credit Rating in India