H$ mo{S>Q>rH$ mo{S>Q>rAm°ße§...

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Am°ße§g H$_mo{S>Q>r

Am°ße§g Ho$ ~mao _| OmZH$marHo$ ~mao _| OmZH$mar

Am°ße§g H$m°ÝQ´>oŠ Q²>g Š `m hmoVo h¢?

Am°ße§g So>[ado{Q>ìg B§ñQ¯>_|Q> hmoVo h¢, Omo IarXma H$mo {Z{üV

{V{W na `m Bggo nhbo {Z{üV H$s_V na A§V{Z©{h©V AgoQ>/

B§ñQ¯>_|Q> H$mo IarXZo `m ~oMZo H$m A{YH$ma XoVm h¡, bo{H$Z ~mÜ`

Zht H$aVm&

Am°ße§g Ho$ A§VJ©V Š `m Am gH$Vm h¡?

Am°ßeZ H$m°ÝQ´>oŠ Q> Ho$ VhV B{¹$Q>r, H$_mo{S>Q>r, {dXoer _wÐm,

â`yMg© H$m°ÝQ´>oŠ Q²>g (dm`Xm AZw~§Y), ã`mO Xa|, [a`b EñQ>oQ> `m

Xÿgar H$moB© ^r AgoQ>/B§ñQ¯>_|Q> AmVo h¢& CXmhaU ñdê$n,

JmoëS> Am°ßeZ H$m°ÝQ´>oŠ Q> Ho$ A§VJ©V JmoëS> â`yMg© H$m°ÝQ´>oŠ Q> Am

gH$Vo h¢&

Am°ße§g H$s à_wI {deofVmE§ Š `m h¢?

Ÿ Am°ße§g Ho$ A§VJ©V IarX Ed§ {~H«$s Ho$ {bE J«mhH$ H$mo

A{YH$ma XoVo h¢, bo{H$Z ~mÜ` Zht H$aVo&

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H$aZo H$s AZw_{V XoVo h¢&

Ÿ Am°ße§g EŠ gM|O-Q´>oSo>S> `m Amoda-X-H$mC§Q>a (OTC) hmo

gH$Vo h¢&

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Am°ße§g Ho$ ~mao _| Om{Z`o

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Am°ße§g...

Ÿ EH$ Vah go H$s_Vm| _| ~Xbmd go gwajm XoVo h¢, Bgr{bE `o hoOg© Ho$ g~go A{YH$ Cn`moJr h¢&

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Ÿ J«mhH$m| Ho$ nmg H$moB© ^r X¡{ZH$ _m{O©Z H$m°ëg Zht hmoVr&

Ÿ IarXma H$m gdm©{YH$ OmopI_ {XE JE àr{_`_ VH$ hr gr{_V hmoVm h¡&

Ÿ J«mhH$ Bg ~rM {H$gr AZwHy$b H$s_V n[adV©Z H$m ^r bm^ CR>m gH$Vm h¡&

Am°ße§g H$m°ÝQ´>oŠ Q²>g Š `m hmoVo h¢?

Am°ße§g So>[ado{Q>ìg B§ñQ¯>_|Q> hmoVo h¢, Omo IarXma H$mo {Z{üV

{V{W na `m Bggo nhbo {Z{üV H$s_V na A§V{Z©{h©V AgoQ>/

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Am°ße§g Ho$ A§VJ©V Š `m Am gH$Vm h¡?

Am°ßeZ H$m°ÝQ´>oŠ Q> Ho$ VhV B{¹$Q>r, H$_mo{S>Q>r, {dXoer _wÐm,

â`yMg© H$m°ÝQ´>oŠ Q²>g (dm`Xm AZw~§Y), ã`mO Xa|, [a`b EñQ>oQ> `m

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JmoëS> Am°ßeZ H$m°ÝQ´>oŠ Q> Ho$ A§VJ©V JmoëS> â`yMg© H$m°ÝQ´>oŠ Q> Am

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Am°ße§g H$s à_wI {deofVmE§ Š `m h¢?

Ÿ Am°ße§g Ho$ A§VJ©V IarX Ed§ {~H«$s Ho$ {bE J«mhH$ H$mo

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Ÿ Am°ße§g EŠ gM|O-Q´>oSo>S> `m Amoda-X-H$mC§Q>a (OTC) hmo

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Am°ße§g Ho$ ~mao _| Om{Z`o

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Am°ße§g...

Ÿ EH$ Vah go H$s_Vm| _| ~Xbmd go gwajm XoVo h¢, Bgr{bE `o hoOg© Ho$ g~go A{YH$ Cn`moJr h¢&

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bmI énE Ho$ gh_V _yë` na H$_mo{S>Q>r IarXZo Ho$ {bE "Am°ßeZ'

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AãXþb - _¢ EH$ {Z{üV aH$_

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bmI énE Ho$ gh_V _yë` na H$_mo{S>Q>r IarXZo Ho$ {bE "Am°ßeZ'

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â`yMg© H$m°ÝQ´>oŠ Q>) H$mo IarXZo H$m A{YH$ma XoVr h¡&

CXmhaU: H$m°b Am°ßeZ H$mo IarXZm - H$s_Vm| _| d¥{Õ Ho$ OmopI_

Ho$ gm_Zo hoO H$aZm (ñQ>m°H$ H$aZm)

• 25 AŠ Qy>~a H$mo, EH$ Ádoba MCX JmoëS> H$m°b "Am°ßeZ Am°Z

â`yMg©' IarXVm h¡&

• : MCX JmoëS> {Xg§~a â`yMg© H$m°ÝQ´>oŠ Q>

• Am°ßeZ g_m{á {V{W: 28 Zd§~a

• ñQ´>mBH$ àmBg: `30,000

• Am°ßeZ H$m°ÝQ´>oŠ Q>: Am°ßeZ g_m{á na A§V{Z©{hV MCX

JmoëS> â`yMg© H$mo 30,000 énE H$s_V na IarXZo H$m

A{YH$ma XoVm h¡&

A§V{Z©{hV

H$m°b Am°ßeZ

• Am°ßeZ g_m{á Ho$ g_` A§V{Z©{hV JmoëS> â`yMg© H$s H$s_V

30,000 énE go D$na hmo&

• Am°ßeZ H$s g_m{á na `{X JmoëS> â`yMg© H$s H$s_V 30,000

énE go ZrMo Mbr OmVr h¡, V~ H$m°b Am°ßeZ IarXma CgHo$

Am°ßeZ H$mo ~oH$ma OmZo Xo gH$Vm h¡& Š `m|{H$ dh A§V{Z©{h©V

JmoëS> â`yMg© H$m°ÝQ´>oŠ Q> H$mo IarXZo Ho$ {bE ~mÜ` Zht h¡&

7

nwQ> Am°ßeZ Ho$ J«mhH$ (YmaH$) H$mo EH$ {Z{üV H$s_V na g_m{á

H$s VmarI `m Cggo nhbo A§V{Z©{hV (CXmhaU Ho$ {bE H$_mo{S>Q>r

â`yMa H$m°ÝQ´>oŠ Q>) H$mo ~oMZo H$m A{YH$ma XoVm h¡&

CXmhaU: nwQ> Am°ßeZ IarXZm - H$s_Vm| _| {JamdQ> Ho$ OmopI_ Ho$

gm_Zo hoO H$aZm

• 25 AŠ Qy>~a H$mo EH$ ê$B© (H$m°Q>Z) {H$gmZ MCX H$m°Q>Z nwQ>

"Am°ßeZ Am°Z â`yMg©' IarXVm h¡&

• A§V{Z©{hV: MCX H$m°Q>Z Zd§~a â`yMg© H$m°ÝQ´>oŠ Q>

• ñQ´>mBH$ àmBg: 20,000 énE

• Am°ßeZ H$m°ÝQ´>oŠ Q>: A§V{Z©{hV MCX H$m°Q>Z â`yMg© H$mo

Am°ßeZ H$m°ÝQ´>oŠ Q> H$s g_m{á na 20,000 énE H$s_V na

~oMZo H$m A{YH$ma

nwQ> Am°ßeZ

•20,000 go ZrMo Mbm OmE&

• `{X H$m°Q>Z â`yMg© H$s H$s_V| 20,000

énE go D$na Mbr OmE§, Vmo nwQ> Am°ßeZ

J«mhH$ A§V{Z©{hV H$mo ~oMZo Ho$ {bE ~mÜ` Zht h¡& dh AnZo

Am°ßeZ H$mo `y§ hr ~oH$ma OmZo Xo gH$Vm h¡&

Ho$db O~ A§V{Z©{hV H$m°Q>Z â`yMg©

6

H$m°b Am°ßeZ, Am°ßeZ Ho$ IarXma (YmaH$) H$mo nyd©

{ZYm©[aV H$s_V na A§{V_ {V{W `m Cggo nhbo

A§V{Z©{hV H$_mo{S>Q>r (CXmhaU ñdê$n EH$ H$_mo{S>Q>r

â`yMg© H$m°ÝQ´>oŠ Q>) H$mo IarXZo H$m A{YH$ma XoVr h¡&

CXmhaU: H$m°b Am°ßeZ H$mo IarXZm - H$s_Vm| _| d¥{Õ Ho$ OmopI_

Ho$ gm_Zo hoO H$aZm (ñQ>m°H$ H$aZm)

• 25 AŠ Qy>~a H$mo, EH$ Ádoba MCX JmoëS> H$m°b "Am°ßeZ Am°Z

â`yMg©' IarXVm h¡&

• : MCX JmoëS> {Xg§~a â`yMg© H$m°ÝQ´>oŠ Q>

• ñQ´>mBH$ àmBg: `30,000

• Am°ßeZ H$m°ÝQ´>oŠ Q>: Am°ßeZ g_m{á na A§V{Z©{hV MCX

JmoëS> â`yMg© H$mo 30,000 énE H$s_V na IarXZo H$m

A{YH$ma XoVm h¡&

A§V{Z©{hV

H$m°b Am°ßeZ

• Am°ßeZ g_m{á Ho$ g_` A§V{Z©{hV JmoëS> â`yMg© H$s H$s_V

30,000 énE go D$na hmo&

• Am°ßeZ H$s g_m{á na `{X JmoëS> â`yMg© H$s H$s_V 30,000

énE go ZrMo Mbr OmVr h¡, V~ H$m°b Am°ßeZ IarXma CgHo$

Am°ßeZ H$mo ~oH$ma OmZo Xo gH$Vm h¡& Š `m|{H$ dh A§V{Z©{h©V

JmoëS> â`yMg© H$m°ÝQ´>oŠ Q> H$mo IarXZo Ho$ {bE ~mÜ` Zht h¡&

7

nwQ> Am°ßeZ Ho$ J«mhH$ (YmaH$) H$mo EH$ {Z{üV H$s_V na g_m{á

H$s VmarI `m Cggo nhbo A§V{Z©{hV (CXmhaU Ho$ {bE H$_mo{S>Q>r

â`yMa H$m°ÝQ´>oŠ Q>) H$mo ~oMZo H$m A{YH$ma XoVm h¡&

CXmhaU: nwQ> Am°ßeZ IarXZm - H$s_Vm| _| {JamdQ> Ho$ OmopI_ Ho$

gm_Zo hoO H$aZm

• 25 AŠ Qy>~a H$mo EH$ ê$B© (H$m°Q>Z) {H$gmZ MCX H$m°Q>Z nwQ>

"Am°ßeZ Am°Z â`yMg©' IarXVm h¡&

• A§V{Z©{hV: MCX H$m°Q>Z Zd§~a â`yMg© H$m°ÝQ´>oŠ Q>

• ñQ´>mBH$ àmBg: 20,000 énE

• Am°ßeZ H$m°ÝQ´>oŠ Q>: A§V{Z©{hV MCX H$m°Q>Z â`yMg© H$mo

Am°ßeZ H$m°ÝQ´>oŠ Q> H$s g_m{á na 20,000 énE H$s_V na

~oMZo H$m A{YH$ma

nwQ> Am°ßeZ

•20,000 go ZrMo Mbm OmE&

• `{X H$m°Q>Z â`yMg© H$s H$s_V| 20,000

énE go D$na Mbr OmE§, Vmo nwQ> Am°ßeZ

J«mhH$ A§V{Z©{hV H$mo ~oMZo Ho$ {bE ~mÜ` Zht h¡& dh AnZo

Am°ßeZ H$mo `y§ hr ~oH$ma OmZo Xo gH$Vm h¡&

Ho$db O~ A§V{Z©{hV H$m°Q>Z â`yMg©

8

Agr{_V (ñQ´>mBH$ àmBg go D$na H$s_V _| d¥{Õ H$s gr_m VH$)

gr{_V (AXm {H$E JE àr{_`_ VH$)

H$m°b hmoëS>a/ ~m`a

9

gr{_V (àmá hþE àr{_`_ VH$)

ì`mdhm[aH$ ê$n go Agr{_V (A§V{Z©{hV H$s H$s_V eyÝ` hmo OmZo H$s gr_m VH$)

nwQ> hmoëS>a/~m`a

Agr{_V (ñQ´>mBH$ àmBg Ho$ D$na H$s_V _| d¥{Õ H$s gr_m VH$)

H$m°b amBQ>a /goba

nwQ> amBQ>a / goba

^mJrXmabm^

(~‹T>Zo H$s j_Vm)

hm{Z

(KQ>Zo H$s j_Vm)

Am°ßeZ YmaH$ Ho$ {dnarV, {OZH$m OmopI_

(Am°ßeZ àr{_`_ H$m ZwH$gmZ) gr{_V hmoVm h¡& bo{H$Z ì`mhm[aH$ ê$n go bm^ Ho$ Adga Agr{_V hmoVo h¢; EH$ Am°ßeZ amBQ>a Ho$ OmopI_ ì`mdhm[aH$

ê$n go Agr{_V Am¡a bm^ gr{_V (Am°ßeZ àr{_`_ H$s gr_m VH$) hmoVm h¡&

Am°ße§g _mH}$Q> _| {hñgm boZ dmbo Am¡a CZHo$ {b`o ~mOma _| no-Am°\$ Amße§g H$m dJuH$aU

• A_o[aH$Z: A_o[aH$Z ñQ>mBb Am°ßeZ H$m°ÝQ´>oŠ Q> _|, Am°ßeZ H$m

J«mhH$ Am°ßeZ H$m°ÝQ´>oŠ Q> H$s IarX {V{W go boH$a g_m{á H$s

{V{W Ho$ ~rM {H$gr ^r dº$ Am°ßeZ Ho$ Cn`moJ H$m M`Z H$a

gH$Vm h¡&

My§{H$ `h {ZdoeH$ H$mo A{YH$ _mÌm _| bMrbmnZ àXmZ

H$aVm h¡, Eogo _| H$^r-H$^r BgH$m àr{_`_ `yamo{n`Z

ñQ>mBb Am°ßeZ go Á`mXm hmoVm h¡&

• `yamo{n`Z: `yamo{n`Z ñQ>mBb Am°ßeZ H$m°ÝQ´>oŠ Q> _|, Am°ßeZ H$m

J«mhH$ H$m°ÝQ´>oŠ Q> H$s g_m{á H$s VmarI na hr AnZo Am°ßeZ H$m

Cn`moJ H$a gH$Vm h¡&

`h {ZdoeH$ H$mo A_o[aH$Z ñQ>mBb Am°ßeZ Ho$ g_mZ

bMrbmnZ CnbãY Zht H$amVm&

13 OyZ, 2017 H$mo H$_mo{S>Q>r â`yMg© Am°ße§g na Omar SEBI

H$m n[anÌ- àmoS>Š Q> {S>OmBZ Ed§ [añH$ _¡ZoO_|Q> \«o$_dH©$ Ho$

AZwgma, H$_mo{S>Q>r Am°ße§g `yamo{n`Z ñQ>mBb Ho$ gmW ewê$

hm|Jo&

Cn`moJ Ho$ AmYma na

8

Agr{_V (ñQ´>mBH$ àmBg go D$na H$s_V _| d¥{Õ H$s gr_m VH$)

H$m°b hmoëS>a/ ~m`a

9

ì`mdhm[aH$ ê$n go Agr{_V (A§V{Z©{hV H$s H$s_V eyÝ` hmo OmZo H$s gr_m VH$)

nwQ> hmoëS>a/~m`a

Agr{_V (ñQ´>mBH$ àmBg Ho$ D$na H$s_V _| d¥{Õ H$s gr_m VH$)

H$m°b amBQ>a /goba

nwQ> amBQ>a / goba

^mJrXmabm^

(~‹T>Zo H$s j_Vm)

hm{Z

(KQ>Zo H$s j_Vm)

Am°ßeZ YmaH$ Ho$ {dnarV, {OZH$m OmopI_

(Am°ßeZ àr{_`_ H$m ZwH$gmZ) gr{_V hmoVm h¡& bo{H$Z ì`mhm[aH$ ê$n go bm^ Ho$ Adga Agr{_V hmoVo h¢; EH$ Am°ßeZ amBQ>a Ho$ OmopI_ ì`mdhm[aH$

ê$n go Agr{_V Am¡a bm^ gr{_V (Am°ßeZ àr{_`_ H$s gr_m VH$) hmoVm h¡&

Am°ße§g _mH}$Q> _| {hñgm boZ dmbo Am¡a CZHo$ {b`o ~mOma _| no-Am°\$ Amße§g H$m dJuH$aU

• A_o[aH$Z: A_o[aH$Z ñQ>mBb Am°ßeZ H$m°ÝQ´>oŠ Q> _|, Am°ßeZ H$m

J«mhH$ Am°ßeZ H$m°ÝQ´>oŠ Q> H$s IarX {V{W go boH$a g_m{á H$s

{V{W Ho$ ~rM {H$gr ^r dº$ Am°ßeZ Ho$ Cn`moJ H$m M`Z H$a

gH$Vm h¡&

My§{H$ `h {ZdoeH$ H$mo A{YH$ _mÌm _| bMrbmnZ àXmZ

H$aVm h¡, Eogo _| H$^r-H$^r BgH$m àr{_`_ `yamo{n`Z

ñQ>mBb Am°ßeZ go Á`mXm hmoVm h¡&

• `yamo{n`Z: `yamo{n`Z ñQ>mBb Am°ßeZ H$m°ÝQ´>oŠ Q> _|, Am°ßeZ H$m

J«mhH$ H$m°ÝQ´>oŠ Q> H$s g_m{á H$s VmarI na hr AnZo Am°ßeZ H$m

Cn`moJ H$a gH$Vm h¡&

`h {ZdoeH$ H$mo A_o[aH$Z ñQ>mBb Am°ßeZ Ho$ g_mZ

bMrbmnZ CnbãY Zht H$amVm&

AZwgma, H$_mo{S>Q>r Am°ße§g `yamo{n`Z ñQ>mBb Ho$ gmW ewê$

hm|Jo&

Cn`moJ Ho$ AmYma na

18,000 énE à{V Jm§R> H$s Xa go {~H«$s Ho$ {bE H$m°Q>Z nwQ> Am°ßeZ H$mo IarXZo na, AnZr H$m°Q>Z Ho$ {bE _¢ Omo Ý`yZV_ H$s_V àmá H$a gH$Vm hÿ§ dh hmoJr 18,000 énE à{V Jm§R>&

11

Am°ßeZ H$m BñVo_mb Š`m| H$a|?

hoqOJ: EH$ Amß° eZ BgH$o YmaH$ H$m o {~Zm {H$gr Xm{`Ëd H$o

H$s_Vm | _ | à{VH$y b KQ>~T‹ > g o nX¡ m hmZo o dmb o Ompo I_m | g o gaw {jV ah&o

`h EH$ B§í`moa|g nm°{bgr H$s Vah H$m_ H$aVm h¡& àr{_`_ H$m

^wJVmZ H$aVo hþE Bgo H$s_Vm| _| à{VHy$b ~Xbmd Ho$ {déÕ gwajm

Ho$ ê$n _| BñVo_mb {H$`m Om gH$Vm h¡&

Am°ßeZ O¡go "nwQ> Am°ßeZ' H$m°ÝQ´>oŠ Q> IarX H$a EH$ {H$gmZ H$s_Vm|

_| g§̂ m{dV {JamdQ> go ñd`§ H$mo gwa{jV aI gH$Vm h¡& `h Cgo

`h V` H$s_V na Cgo ~oMZo H$m A{YH$ma Vmo XoVm h¡, bo{H$Z dh

BgHo$ {bE ~mÜ` Zht hmoVm&

bJmV o hEþ Amß° eZ Q>́So > H$s eéw AmV H$aV o h&¢ Amß° eg§ \$m`X_o X§ hmVo o

h,¢ Š `m{| H$ dmñV{dH$ IarX H$o _Hw $m~b o ` o H$m\$s gñV o hmVo o h&¢

Am°ßeZ IarXZo Ho$ {bE EH$_wíV A{J«_ am{e H$m ^wJVmZ {H$`m

OmVm ho, Bggo J«mhH$ H$mo g§̂ m{dV {JamdQ> Ho$ Am§H$bZ _| _XX

{_bVr h¡&

JmoëS> Am°ßeZ IarXZo

Ho$ {bE àr{_`_ H$s N>moQ>r

am{e H$m ̂ wJVmZ {H$`m

OmVm h¡& Bggo _¢ gmoZo _|

~‹S>m {Zdoe H$a gH$Vm

hÿ§& ̀ {X H$s_Vm| _| {OVZm

_¢Zo gmoMm Wm, CVZm

~Xbmd Zht hmoVm Vmo _|

Am°ßeZ H$mo Eogo hr OmZo

H$m ZwH$gmZ hmoJm&

10

18,000 énE à{V Jm§R> H$s Xa go {~H«$s Ho$ {bE H$m°Q>Z nwQ> Am°ßeZ H$mo IarXZo na, AnZr H$m°Q>Z Ho$ {bE _¢ Omo Ý`yZV_ H$s_V àmá H$a gH$Vm hÿ§ dh hmoJr 18,000 énE à{V Jm§R>&

11

hoqOJ: EH$ Amß° eZ BgH$o YmaH$ H$m o {~Zm {H$gr Xm{`Ëd H$o

H$s_Vm | _ | à{VH$y b KQ>~T‹ > g o nX¡ m hmZo o dmb o Ompo I_m | g o gaw {jV ah&o

`h EH$ B§í`moa|g nm°{bgr H$s Vah H$m_ H$aVm h¡& àr{_`_ H$m

^wJVmZ H$aVo hþE Bgo H$s_Vm| _| à{VHy$b ~Xbmd Ho$ {déÕ gwajm

Ho$ ê$n _| BñVo_mb {H$`m Om gH$Vm h¡&

Am°ßeZ O¡go "nwQ> Am°ßeZ' H$m°ÝQ´>oŠ Q> IarX H$a EH$ {H$gmZ H$s_Vm|

_| g§̂ m{dV {JamdQ> go ñd`§ H$mo gwa{jV aI gH$Vm h¡& `h Cgo

`h V` H$s_V na Cgo ~oMZo H$m A{YH$ma Vmo XoVm h¡, bo{H$Z dh

BgHo$ {bE ~mÜ` Zht hmoVm&

bJmV o hEþ Amß° eZ Q>́So > H$s eéw AmV H$aV o h&¢ Amß° eg§ \$m`X_o X§ hmVo o

h,¢ Š `m{| H$ dmñV{dH$ IarX H$o _Hw $m~b o ` o H$m\$s gñV o hmVo o h&¢

Am°ßeZ IarXZo Ho$ {bE EH$_wíV A{J«_ am{e H$m ^wJVmZ {H$`m

OmVm ho, Bggo J«mhH$ H$mo g§̂ m{dV {JamdQ> Ho$ Am§H$bZ _| _XX

{_bVr h¡&

JmoëS> Am°ßeZ IarXZo

Ho$ {bE àr{_`_ H$s N>moQ>r

am{e H$m ̂ wJVmZ {H$`m

OmVm h¡& Bggo _¢ gmoZo _|

~‹S>m {Zdoe H$a gH$Vm

hÿ§& ̀ {X H$s_Vm| _| {OVZm

_¢Zo gmoMm Wm, CVZm

~Xbmd Zht hmoVm Vmo _|

Am°ßeZ H$mo Eogo hr OmZo

H$m ZwH$gmZ hmoJm&

10

EH$ g_Pm¡Vm Omo J«mhH$ H$mo EH$ {Z{üV H$s_V na {ZYm©[aV {V{W `m Cggo nhbo A§V{Z©{hV H$mo IarXZo `m ~oMZo H$m A{YH$ma XoVm h¡ bo{H$Z ~mÜ` Zht H$aVm&

12

Am°ße§g H$m°ÝQ´>oŠQ²g

n[a^mfm

H$o«Vm Ama¡ {dH$o«Vm XmZo m | g_m{á na H$mÝ° Q>́Šo Q> H$m gå_mZ H$aZ oH$o {bE ~mÜ` h&¢

Xm{`Ëd

A{J«_ ̂ wJVmZ/

H$m°ÝQ´>oŠQ> H$s H$s_V

J«mhH$ go A{J«_ {Z{üV An\«§$Q> àr{_`_ hr Amdí`º$m

OmopI_

J«mhH$ Am¡a {dH«o$Vm XmoZm| Ho$ OmopI_ Agr{_V h¢&

Am°ßeZ J«mhH$ H$m OmopI_ gr{_V h¡; Am°ßeZ amBQ>a H$m OmopI_ Agr{_V h¡&

13

_ZrZog Am°ßeZ J«mhH$ H$mo ~VmVm h¡ {H$ Š `m g_Pm¡Vo H$mo nyam H$aZm \$m`Xo_§X hmoJm&

A§V{Z©{hV H$s_V ñQ´>mBH$ àmBg Ho$ ~am~a h¡& SEBI Ho$ {Xem{ZX}e Ho$ AZwgma, H$_mo{S>Q>r Am°ßeZ grarO H$m ñQ´>mBH$ àmBg A§V{Z©{hV H$_mo{S>Q>r â`yMg© Ho$ So>br goQ>b_|Q> àmBg (DSP) Ho$ H$ar~ hmo Vmo

`o ATM Am°ßeZ grarO h¡&

SEBI Ho$ {Xem{ZX}em| Ho$ _wVm{~H$ 2 Am°ßeZ grarO Ho$ gmW CTM Am°ßeZ grarO g{hV EQ>rE_ Ho$ R>rH$ D$na Am¡a ZrMo Ho$ ñQ´>mBH$ àmBg "Š bmoO Qy> X _Zr'(grQ>rE_) Am°ßeZ grarO h¢&

`{X DSP 2 ñQ´>mBH$ àmBg Ho$ ~rM h¡, gmW-gmW 2 Am°ßeZ grarO {OZHo$ nmg DSP Ho$ R>rH$ D$na ñQ´>mBH$ àmBg h¡ gmW hr 2 Am°ßeZ grarO {OZHo$ nmg DSP Ho$ R>rH$ ZrMo ñQ´>mBH$ àmBg h¡ do CTM grarO h¢&

BZ-X-_Zr (ITM): (bm^)

Am°ßeZ Q´>oqS>J _| _Zr-Zog Š`m h¡?

AmCQ> Am°\$ X _Zr (OTM): (hm{Z)

EQ> X _Zr (ATM): ( Z bm^-Z hm{Z )

ŠbmoO Qy> X _Zr (CTM)

EH$ g_Pm¡Vm Omo J«mhH$ H$mo EH$ {Z{üV H$s_V na {ZYm©[aV {V{W `m Cggo nhbo A§V{Z©{hV H$mo IarXZo `m ~oMZo H$m A{YH$ma XoVm h¡ bo{H$Z ~mÜ` Zht H$aVm&

12

Am°ße§g H$m°ÝQ´>oŠQ²g

n[a^mfm

H$o«Vm Ama¡ {dH$o«Vm XmZo m | g_m{á na H$mÝ° Q>́Šo Q> H$m gå_mZ H$aZ oH$o {bE ~mÜ` h&¢

Xm{`Ëd

A{J«_ ̂ wJVmZ/

H$m°ÝQ´>oŠQ> H$s H$s_V

J«mhH$ go A{J«_ {Z{üV An\«§$Q> àr{_`_ hr Amdí`º$m

OmopI_

J«mhH$ Am¡a {dH«o$Vm XmoZm| Ho$ OmopI_ Agr{_V h¢&

Am°ßeZ J«mhH$ H$m OmopI_ gr{_V h¡; Am°ßeZ amBQ>a H$m OmopI_ Agr{_V h¡&

13

_ZrZog Am°ßeZ J«mhH$ H$mo ~VmVm h¡ {H$ Š `m g_Pm¡Vo H$mo nyam H$aZm \$m`Xo_§X hmoJm&

A§V{Z©{hV H$s_V ñQ´>mBH$ àmBg Ho$ ~am~a h¡& SEBI Ho$ {Xem{ZX}e Ho$ AZwgma, H$_mo{S>Q>r Am°ßeZ grarO H$m ñQ´>mBH$ àmBg A§V{Z©{hV H$_mo{S>Q>r â`yMg© Ho$ So>br goQ>b_|Q> àmBg (DSP) Ho$ H$ar~ hmo Vmo

`o ATM Am°ßeZ grarO h¡&

SEBI Ho$ {Xem{ZX}em| Ho$ _wVm{~H$ 2 Am°ßeZ grarO Ho$ gmW CTM Am°ßeZ grarO g{hV EQ>rE_ Ho$ R>rH$ D$na Am¡a ZrMo Ho$ ñQ´>mBH$ àmBg "Š bmoO Qy> X _Zr'(grQ>rE_) Am°ßeZ grarO h¢&

`{X DSP 2 ñQ´>mBH$ àmBg Ho$ ~rM h¡, gmW-gmW 2 Am°ßeZ grarO {OZHo$ nmg DSP Ho$ R>rH$ D$na ñQ´>mBH$ àmBg h¡ gmW hr 2 Am°ßeZ grarO {OZHo$ nmg DSP Ho$ R>rH$ ZrMo ñQ´>mBH$ àmBg h¡ do CTM grarO h¢&

BZ-X-_Zr (ITM): (bm^)

Am°ßeZ Q´>oqS>J _| _Zr-Zog Š`m h¡?

AmCQ> Am°\$ X _Zr (OTM): (hm{Z)

EQ> X _Zr (ATM): ( Z bm^-Z hm{Z )

ŠbmoO Qy> X _Zr (CTM)

Am°ße§g H$s H$s_V H$B© _m°S>ëg go V` hmoVr h¡& â`yMg© _| H$_mo{S>Q>r Am°ßeZ H$s H$s_V V` H$aZo H$m g~go bmoH${à` VarH$m ãb¡H$-76 _m°S>b h¡&

ãb¡H$ 76 _m°S>b Ho$ AZwgma:

H$hm§,F$ = _m¡OyXm A§V{Z©{hV â`yMg© àmBgK = Am°ßeZ H$m ñQ´>mBH$ àmBgt = Am°ßeZ H$s g_m{á IË_ hmoZo VH$ H$m g_` dfm] _| r = [añH$ \«$s B§Q´>oñQ> aoQ>

14

-rtH$m°b = e [F*N (d1) - K*N (d2)]nwQ>$= -rte [K*N (-d2) - F*N (-d1)]

sÖtd2=d1-sÖt

d1 = ln t+F 2s

K 2( (( (

B§qQ´>{gH$ d¡ë`y…`h Am°ßeZ àr{_`_ H$m BZ-X-_Zr ^mJ hmoVm h¡& H$m°b Am°ßeZ Ho$ {bE `h ñQ´>mBH$ àmBg go A§V{Z©{hV â`yMg© àmBg A{YH$ hmoVm h¡ Am¡a nwQ> Am°ßeZ Ho$ {bE `h A§V{Z©{hV â`yMg© àmBg go ñQ´>mBH$ àmBg A{YH$ hmoVm h¡&

Q>mB_ d¡ë`y:`h Am°ßeZ àr{_`_ Am¡a Am°ßeZ H$s B§qQ´>{gH$ d¡ë`y Ho$ ~rM H$m A§Va hmoVm h¡&

g_m{á VH$ H$m g_`

ApñWaVm

B§Q´>oñQ> aoQ²g

ñQ´>mBH$ àmBg

H$maH$m| d¥{Õ H$_r

nwQ> àmBg hmoJm

H$m°b àmBg hmoJm

nwQ> àmBg hmoJm

H$m°b àmBg hmoJm

A§V{Z©{hV H$s H$s_V|, Omo {H$ H$_mo{S>Q>r â`yMg© h¡, `o H$B© H$maH$m| go à^m{dV hmoVo h¢& CZ_| go Hw$N> H$maH$m| _| em{_b h¢:

• `y.Eg.\o$S>ab [aOd© Ûmam Xam| _| ~Xbmd • `y.Eg. Om°ãg [anmoQ>© • MrZ H$s {dH$mg Xa • Am°`b Ed§ J¡g H$s B§d|Q´>r H$m ñVa, BË`m{X

15

Am°ße§g H$s H$s_V H¡$go V` hmoVr h¡?Am°ße§g H$s_Vm| H$mo à^m{dV H$aZo dmbo H$maH$ (ãb¡H$-76 _m°S>b)

Amße§g H$s_Vm| Ho$ Xmo KQ>H$ hmoVo h¢:

nwQ> àmBgH$m°b

àmBg

Am°ße§g H$s H$s_V H$B© _m°S>ëg go V` hmoVr h¡& â`yMg© _| H$_mo{S>Q>r Am°ßeZ H$s H$s_V V` H$aZo H$m g~go bmoH${à` VarH$m ãb¡H$-76 _m°S>b h¡&

ãb¡H$ 76 _m°S>b Ho$ AZwgma:

H$hm§,F$ = _m¡OyXm A§V{Z©{hV â`yMg© àmBgK = Am°ßeZ H$m ñQ´>mBH$ àmBgt = Am°ßeZ H$s g_m{á IË_ hmoZo VH$ H$m g_` dfm] _| r = [añH$ \«$s B§Q´>oñQ> aoQ>

14

-rtH$m°b = e [F*N (d1) - K*N (d2)]nwQ>$= -rte [K*N (-d2) - F*N (-d1)]

sÖtd2=d1-sÖt

d1 = ln t+F 2s

K 2( (( (

B§qQ´>{gH$ d¡ë`y…`h Am°ßeZ àr{_`_ H$m BZ-X-_Zr ^mJ hmoVm h¡& H$m°b Am°ßeZ Ho$ {bE `h ñQ´>mBH$ àmBg go A§V{Z©{hV â`yMg© àmBg A{YH$ hmoVm h¡ Am¡a nwQ> Am°ßeZ Ho$ {bE `h A§V{Z©{hV â`yMg© àmBg go ñQ´>mBH$ àmBg A{YH$ hmoVm h¡&

Q>mB_ d¡ë`y:`h Am°ßeZ àr{_`_ Am¡a Am°ßeZ H$s B§qQ´>{gH$ d¡ë`y Ho$ ~rM H$m A§Va hmoVm h¡&

g_m{á VH$ H$m g_`

ApñWaVm

B§Q´>oñQ> aoQ²g

ñQ´>mBH$ àmBg

H$maH$m| d¥{Õ H$_r

nwQ> àmBg hmoJm

H$m°b àmBg hmoJm

nwQ> àmBg hmoJm

H$m°b àmBg hmoJm

A§V{Z©{hV H$s H$s_V|, Omo {H$ H$_mo{S>Q>r â`yMg© h¡, `o H$B© H$maH$m| go à^m{dV hmoVo h¢& CZ_| go Hw$N> H$maH$m| _| em{_b h¢:

• `y.Eg.\o$S>ab [aOd© Ûmam Xam| _| ~Xbmd • `y.Eg. Om°ãg [anmoQ>© • MrZ H$s {dH$mg Xa • Am°`b Ed§ J¡g H$s B§d|Q´>r H$m ñVa, BË`m{X

15

Am°ße§g H$s H$s_V H¡$go V` hmoVr h¡?Am°ße§g H$s_Vm| H$mo à^m{dV H$aZo dmbo H$maH$ (ãb¡H$-76 _m°S>b)

Amße§g H$s_Vm| Ho$ Xmo KQ>H$ hmoVo h¢:

nwQ> àmBgH$m°b

àmBg

16

J«rŠg

1. J«rŠ g _w»`V: Mma H$maH$m| Ho$ g§~§Y AmßeZ H$s_Vm| H$s g§doXZerbVm H$mo _mnVo h¢:

na Bgo So>ëQ>m( ) Ho$ ê$n _| ^r OmZm OmVm h¡&

3. g_`md{Y _| ~Xbmd, Am_Vm¡a na Bgo WrQ>m (q) Ho$ ê$n _|

^r OmZm OmVm h¡&

4. ApñWaVm _| ~Xbmd, {Ogo Am_Vm¡a na doJm(n) Ho$ ê$n _| ^r

OmZm OmVm h¡&

5. B§Q´>oñQ> aoQ²g _| ~Xbmd, Bgo Am_Vm¡a na èhmo (r) ^r H$hm

OmVm h¡&

g§doXZerbVm H$mo Jm_m (g) H$hm OmVm h¡

d

Am°ßeZ H$s_V _| ~Xbmd

ApñWaVm _| ~Xbmd

g_` _| ~Xbmd

B§Q´>oñQ> aoQ> _| ~Xbmd

So>ëQ>m doJm WrQ>m èhmo

Jm_m

J«rŠg Š`m h¢?

H$m°b Amße§g

gmoZb Cå_rX H$a ahr h¡ {H$ AJbo Xmo _hrZm| Ho$ ^rVa gmoZo H$s H$s_Vm| _| VoOr AmEJr&

g§̂ m{dV _yë` d¥{Õ Ho$ OmopI_ H$mo hoO H$aZo Ho$ {bE, dh 150 énE à{V 10 J«m_ Ho$ àr{_`_ Ho$ {bE _mbVr go gmoZo Ho$ â`yMg© na 3 _mh Ho$ EŠ gnm`ar Ho$ gmW H$m°b Am°ßeZ 30,000 énE à{V Xg J«m_ Ho$ {hgm~ go IarXVr h¡&

Xmo n[apñW{V`m§ g§̂ d h¢:

1. gmoZo H$s H$s_V 30,000 énE go ZrMo Mbr OmE:

gmoZb AnZo Am°ßeZ na Hw$N> Zht H$a nmEJr Am¡a Bg{bE 150 énE àr{_`_ ^wJVmZ H$m ZwH$gmZ hmoJm (J«m\$ H$m bmb {hñgm)& `h _mbVr H$m bm^ hmoJm&

2. gmoZo H$s H$s_V 30,000 énE go A{YH$ hmo OmE:

O~ H$s_V 30,000 énE go A{YH$ hmoJr Vmo gmoZb Ho$ nmg n¡gm AmEJm Am¡a Cgo 30,150 énE (ñQ´>mBH$ àmBg + àr{_`_) Ho$ D$na ewÕ bm^ hmoJm&

Am°ßeZ IarXma Ho$ ê$n _|, CgH$s bm^ j_Vm Agr{_V h¡ (J«m\$ H$m ham {hñgm)&

Xÿgar Amoa, _mbVr H$mo ZwH$gmZ hmoZm ewê$ hmo OmVm h¡, 30,000 go A{YH$ {OVZm Xm_ ~‹T>Vm h¡ CgH$m ZwH$gmZ ^r CVZm A{YH$ hmoVm h¡&

17

H$_mo{S>Q>r Am°ßeZ no-Am°\$

16

J«rŠg

1. J«rŠ g _w»`V: Mma H$maH$m| Ho$ g§~§Y AmßeZ H$s_Vm| H$s g§doXZerbVm H$mo _mnVo h¢:

na Bgo So>ëQ>m( ) Ho$ ê$n _| ^r OmZm OmVm h¡&

3. g_`md{Y _| ~Xbmd, Am_Vm¡a na Bgo WrQ>m (q) Ho$ ê$n _|

^r OmZm OmVm h¡&

4. ApñWaVm _| ~Xbmd, {Ogo Am_Vm¡a na doJm(n) Ho$ ê$n _| ^r

OmZm OmVm h¡&

5. B§Q´>oñQ> aoQ²g _| ~Xbmd, Bgo Am_Vm¡a na èhmo (r) ^r H$hm

OmVm h¡&

g§doXZerbVm H$mo Jm_m (g) H$hm OmVm h¡

d

Am°ßeZ H$s_V _| ~Xbmd

ApñWaVm _| ~Xbmd

g_` _| ~Xbmd

B§Q´>oñQ> aoQ> _| ~Xbmd

So>ëQ>m doJm WrQ>m èhmo

Jm_m

J«rŠg Š`m h¢?

H$m°b Amße§g

gmoZb Cå_rX H$a ahr h¡ {H$ AJbo Xmo _hrZm| Ho$ ^rVa gmoZo H$s H$s_Vm| _| VoOr AmEJr&

g§̂ m{dV _yë` d¥{Õ Ho$ OmopI_ H$mo hoO H$aZo Ho$ {bE, dh 150 énE à{V 10 J«m_ Ho$ àr{_`_ Ho$ {bE _mbVr go gmoZo Ho$ â`yMg© na 3 _mh Ho$ EŠ gnm`ar Ho$ gmW H$m°b Am°ßeZ 30,000 énE à{V Xg J«m_ Ho$ {hgm~ go IarXVr h¡&

Xmo n[apñW{V`m§ g§̂ d h¢:

1. gmoZo H$s H$s_V 30,000 énE go ZrMo Mbr OmE:

gmoZb AnZo Am°ßeZ na Hw$N> Zht H$a nmEJr Am¡a Bg{bE 150 énE àr{_`_ ^wJVmZ H$m ZwH$gmZ hmoJm (J«m\$ H$m bmb {hñgm)& `h _mbVr H$m bm^ hmoJm&

2. gmoZo H$s H$s_V 30,000 énE go A{YH$ hmo OmE:

O~ H$s_V 30,000 énE go A{YH$ hmoJr Vmo gmoZb Ho$ nmg n¡gm AmEJm Am¡a Cgo 30,150 énE (ñQ´>mBH$ àmBg + àr{_`_) Ho$ D$na ewÕ bm^ hmoJm&

Am°ßeZ IarXma Ho$ ê$n _|, CgH$s bm^ j_Vm Agr{_V h¡ (J«m\$ H$m ham {hñgm)&

Xÿgar Amoa, _mbVr H$mo ZwH$gmZ hmoZm ewê$ hmo OmVm h¡, 30,000 go A{YH$ {OVZm Xm_ ~‹T>Vm h¡ CgH$m ZwH$gmZ ^r CVZm A{YH$ hmoVm h¡&

17

1918

àm`mo{JH$ Vm¡a na Agr{_V bm^ j_Vm

1000

1500

-150

-500

290002850028000 29500 30000

500

Agr{_V bm^ j_Vm

ñQ´>mBH$ àmBggr{_V ZwH$gmZ (`150)1000

1500

-150

-500

30000 30500 31000 3150029500

gmoZo H$m Xm_ J«m_(`/10 )

no A

m°\$

J«m_

(`/1

0 )

500

no A

m°\$

J«m_

(`/1

0 )

nwQ> Am°ßeZ

g§O` go nmg JmoëS> Ád¡bar H$m ñQ>m°H$ h¡ Am¡a Cgo S>a h¡ {H$ Xmo _hrZo Ho$ ^rVa Xm_ {Ja OmE§Jo& Bg OmopI_ H$mo H$_ H$aZo Ho$ {bE, dh 150 énE à{V 10 J«m_ Ho$ àr{_`_ Ho$ {bE _ZmoO go â`yMg© na gmoZo H$m nwQ> Am°ßeZ 29,000 énE à{V 10 J«m_ Ho$ ñQ´>mBH$ àmBg na IarXVm h¡&

Xmo n[apñW{V`m§ g§̂ m{dV h¢:

1. gmoZo H$s H$s_V 29,000 énE go ZrMo Mbr OmVr h¡& g§O` H$mo gmoZo H$s H$s_V eyÝ` hmo OmZo VH$ nwQ> Am°ßeZ Ho$ {bE {_bZo dmbo no Am°\$ _| ~‹T>moVar H$m bm^ {_boJm&

Bg àH$ma 28,850 énE à{V Xg J«m_ (ñQ´>mBH$ àmBg-Am°ßeZ àr{_`_) CgH$m A{YH$V_ bm^ hmo gH$Vm h¡&

Xÿgar Amoa, _ZmoO H$m ZwH$gmZ, gmoZo H$s H$s_V eyÝ` hmoZo VH$ ~‹T>Vm ahoJm&

2. gmoZo H$s H$s_V 29,000 énE go D$na OmVr h¡& g§O` Am°ßeZ na Hw$N> Zht H$a nmEJm Am¡a CgH$m A{YH$V_ ZwH$gmZ àr{_`_ ^wJVmZ h¡, Omo {H$ 150 énE h¡& `h _ZmoO H$m bm^ hmoJm&

BZ XmoZm| CXmhaUm| go `h ñnï> h¡ {H$ Am°ßeZ IarXma Ho$ nmg D$na H$s Va\$ OmZo H$s A{YH$, na§Vw ZrMo H$s Va\$ OmZo H$s gr{_V g§̂ mdZm h¡& hmbm§{H$, Am°ßeZ {dH«o$Vm Ho$ nmg BgH$m CëQ>m hmoVm h¡: CZHo$ nmg D$na OmZo Ho$ gr{_V bo{H$Z H$s_V _| ~Xbmd go ZrMo H$s Va\$ OmZo H$s A{YH$ g§̂ mdZm hmoVr h¡&

(D$na {XE JE CXmhaU _| ~«moH$aoO, Q>¡Š g Am{X go g§~§{YV Q´>oqS>J bmJV H$mo em{_b Zht {H$`m J`m h¡&)

ñQ´>mBH$ àmBg

1918

àm`mo{JH$ Vm¡a na Agr{_V bm^ j_Vm

1000

1500

-150

-500

290002850028000 29500 30000

500

Agr{_V bm^ j_Vm

ñQ´>mBH$ àmBggr{_V ZwH$gmZ (`150)1000

1500

-150

-500

30000 30500 31000 3150029500

no A

m°\$

J«m_

(`/1

0 )

500

no A

m°\$

J«m_

(`/1

0 )

nwQ> Am°ßeZ

g§O` go nmg JmoëS> Ád¡bar H$m ñQ>m°H$ h¡ Am¡a Cgo S>a h¡ {H$ Xmo _hrZo Ho$ ^rVa Xm_ {Ja OmE§Jo& Bg OmopI_ H$mo H$_ H$aZo Ho$ {bE, dh 150 énE à{V 10 J«m_ Ho$ àr{_`_ Ho$ {bE _ZmoO go â`yMg© na gmoZo H$m nwQ> Am°ßeZ 29,000 énE à{V 10 J«m_ Ho$ ñQ´>mBH$ àmBg na IarXVm h¡&

Xmo n[apñW{V`m§ g§̂ m{dV h¢:

1. gmoZo H$s H$s_V 29,000 énE go ZrMo Mbr OmVr h¡& g§O` H$mo gmoZo H$s H$s_V eyÝ` hmo OmZo VH$ nwQ> Am°ßeZ Ho$ {bE {_bZo dmbo no Am°\$ _| ~‹T>moVar H$m bm^ {_boJm&

Bg àH$ma 28,850 énE à{V Xg J«m_ (ñQ´>mBH$ àmBg-Am°ßeZ àr{_`_) CgH$m A{YH$V_ bm^ hmo gH$Vm h¡&

Xÿgar Amoa, _ZmoO H$m ZwH$gmZ, gmoZo H$s H$s_V eyÝ` hmoZo VH$ ~‹T>Vm ahoJm&

2. gmoZo H$s H$s_V 29,000 énE go D$na OmVr h¡& g§O` Am°ßeZ na Hw$N> Zht H$a nmEJm Am¡a CgH$m A{YH$V_ ZwH$gmZ àr{_`_ ^wJVmZ h¡, Omo {H$ 150 énE h¡& `h _ZmoO H$m bm^ hmoJm&

BZ XmoZm| CXmhaUm| go `h ñnï> h¡ {H$ Am°ßeZ IarXma Ho$ nmg D$na H$s Va\$ OmZo H$s A{YH$, na§Vw ZrMo H$s Va\$ OmZo H$s gr{_V g§̂ mdZm h¡& hmbm§{H$, Am°ßeZ {dH«o$Vm Ho$ nmg BgH$m CëQ>m hmoVm h¡: CZHo$ nmg D$na OmZo Ho$ gr{_V bo{H$Z H$s_V _| ~Xbmd go ZrMo H$s Va\$ OmZo H$s A{YH$ g§̂ mdZm hmoVr h¡&

(D$na {XE JE CXmhaU _| ~«moH$aoO, Q>¡Š g Am{X go g§~§{YV Q´>oqS>J bmJV H$mo em{_b Zht {H$`m J`m h¡&)

ñQ´>mBH$ àmBg

H$_mo{S>Q>r Am°ßeZ Q´>oqS>J Ho$ gmW

20

Hw$N> à_wI d¡{œ H$ EŠgM|O

21

~wb H$m°b ñàoS>:

• g_mZ A§V{Z©{hV Am¡a g_m{á {V{W na EH$ ñQ´>mBH$ àmBg na H$m°b Am°ßeZ IarXZm Am¡a Cgr g_` D$§Mo ñQ´>mBH$ àmBg na H$m°b Am°ßeZ H$mo ~oMZm& BgH$m Cn`moJ H$aVo h¢ O~ {H$gr H$mo _m_ybr VoOr H$m AZw_mZ hmo &

~oa nwQ> ñàoS>:

• g_mZ A§V{Z©{hV Am¡a g_m{á {V{W Ho$ {bE EH$ ñQ´>mBH$ àmBg na nwQ> Am°ßeZ IarXZm Am¡a Cgr g_` bmoAa ñQ´>mBH$ àmBg na nwQ> Am°ßeZ H$mo ~oMZm&

• BgH$m Cn`moJ V~ H$aVo h¢ O~ {H$gr H$mo _m_ybr _§Xr H$m AZw_mZ hmo&

ñQ´>¡S>b:

• BgH$m Cn`moJ V~ H$aVo h¢ O~ H$s_Vm| _| ~Xbmd H$m AZw_mZ Vmo hmo bo{H$Z ~Xbmd H$s {Xem nVm Z hmo&

ñQ´>¢Jb:

Q´>oqS>J aUZr{V`m§Hw$N> bmoH${à` Am°ßeZ

EEgEŠ g

{eH$mJmo- _H]$Q>mBb EŠ gM|O

Am`grB© - `yEg

`yaoŠ g_m°ñH$mo EŠ gM|O

_bo{e`m So>ardo{Q>ìg EŠ gM|O

Q>moH$mo_S>m{b`mZ H$_mo{S>Q>r EŠ gM|O

E_grEŠg

H$_mo{S>Q>r Am°ßeZ Q´>oqS>J Ho$ gmW

20

Hw$N> à_wI d¡{œ H$ EŠgM|O

21

~wb H$m°b ñàoS>:

• g_mZ A§V{Z©{hV Am¡a g_m{á {V{W na EH$ ñQ´>mBH$ àmBg na H$m°b Am°ßeZ IarXZm Am¡a Cgr g_` D$§Mo ñQ´>mBH$ àmBg na H$m°b Am°ßeZ H$mo ~oMZm& BgH$m Cn`moJ H$aVo h¢ O~ {H$gr H$mo _m_ybr VoOr H$m AZw_mZ hmo &

~oa nwQ> ñàoS>:

• g_mZ A§V{Z©{hV Am¡a g_m{á {V{W Ho$ {bE EH$ ñQ´>mBH$ àmBg na nwQ> Am°ßeZ IarXZm Am¡a Cgr g_` bmoAa ñQ´>mBH$ àmBg na nwQ> Am°ßeZ H$mo ~oMZm&

• BgH$m Cn`moJ V~ H$aVo h¢ O~ {H$gr H$mo _m_ybr _§Xr H$m AZw_mZ hmo&

ñQ´>¡S>b:

• BgH$m Cn`moJ V~ H$aVo h¢ O~ H$s_Vm| _| ~Xbmd H$m AZw_mZ Vmo hmo bo{H$Z ~Xbmd H$s {Xem nVm Z hmo&

ñQ´>¢Jb:

Q´>oqS>J aUZr{V`m§Hw$N> bmoH${à` Am°ßeZ

EEgEŠ g

{eH$mJmo- _H]$Q>mBb EŠ gM|O

Am`grB© - `yEg

`yaoŠ g_m°ñH$mo EŠ gM|O

_bo{e`m So>ardo{Q>ìg EŠ gM|O

Q>moH$mo_S>m{b`mZ H$_mo{S>Q>r EŠ gM|O

E_grEŠg

OPTIONSA R E H E R E

FLEXIBILITYJUST ENTERED

THE MARKET

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