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Kerala PSC Indian Economy Book Study Materials Page 573Book's First Page
onomi on epts and erminolo ies 22.7 while debentures, also used to raise long-term debt, single individual investor holding more than 49 are not supported by any collateral. per cent of the shares or units of the fund. If the broad based fund has institutional investor (s), book builDing then it is not necessary for the fund to have 20 investors. Further, if the broad based fund has an This is a public offer of equity shares of a institutional investor who holds more than 49 per company. In this process, bids are collected from cent of the shares or units in the fund, then the the investors, in a certain price range fixed by the institutional investor must itself be a broad based company. The issue price is fixed after the bid fund. closing date depending on the number of bids In India, the entities, proposing to invest received at various price levels. A company that is on behalf of broad based funds, are eligible to be planning an initial public offer (IPO) appoints a registered as FIIs are: (i) Asset Management merchant banker as a ‘book runner’. The company Companies, (ii) Investment Manager/Advisor, issues a prospectus which does not mention the (iii) Institutional Portfolio Managers, (iv) Trustee price, but gives other details about the company of a Trust, and (v) Bank with regard to issue size, the business the company is in, promotes and future plans among other disclosures. A particular period is fixed as the bid brownfielD locAtion period. The book runner builds an order book, that A derelict industrial area that has been demolished is, collates the bids from various investors, which to accommodate new industries. This is opposite shows the demand for the shares. Prospective to the greenfield location where a new industry is investors can revise their bid at any time during set up in a new area. the bid period. On closure of the book, the quantum of shares ordered and the perspective bubble prices offered are known. The price discovery is a function of demand at various prices, and involves The price rise of an asset unexplained by the negotiations between those involved in the issue. fundamentals and still people interested in holding The book runner and the company conclude the the assets. After the bursting of the bubble, assets pricing and decide the allocation to each member. cool down to their real prices. brAcket creep buDget line Increasing incomes due to inflation (via increased A line on the dual axis graph showing the alternate dearness allowances, individual income goes for combinations of goods that can be purchased by an increase) pushes individuals into higher tax a consumer with a given income at given prices. brackets and leaves them worse off (as their real income has not increased and their disposable bullet repAyment income i.e. income after tax payments, falls) – this phenomenon is known as the bracket creep. ‘Bullet repayment’ means a lump-sum payment for the entire loan amount paid at the time of maturity. Such arrangements may be put in place broAD bAseD funD by the banking regulator (RBI in case of India) This is a fund established or incorporated outside to fasten the process of recovery of the non- India, which has at least 20 investors with no performings assets (NPAs) process of the banks.