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Kerala PSC Indian Economy Book Study Materials Page 581
Book's First Pageonomi on epts and erminolo ies 22.15 mutual funds, pension funds and insurance (life) DeinDustriAlisAtion companies are the major ones in India. Sustained decrease in the share of the secondary sector in the total output (GDP) of an economy. Direct cost The direct material and labour cost of a product– DemAt Account proportionally varies with the total output. It is a way of holding securities in electronic or dematerialised form. Demat form of shares can Direct investment be traded online. As such, the transactions are The expenditure on physical assets (i.e., plant, concluded much faster, which prevents theft, machinery, etc.). misuse, forging of original shares certificates or other documents, and allows an investor to buy or Dirty floAt sell shares in any quantity. Demat account allows for faster refund of money in case application A term of foreign exchange managment when a is not accepted. Demat accounts are offered by country manipulates its exchange rate under the floating currency system to take leverage in its banks, and the dematerialised stock is held by external transactions. the depository (National Securities Depository Ltd.–[NSDL] or Central Securities Depository Ltd.–[CSDL]). The investor needs to fill up the Discount house requisite forms, submit the documents and pay A financial institution specialising in buying and the applicable charges in order to have the demat selling of short-term (i.e., less than one year) account opened. instruments of the money market. Demerger Disgorgement The breaking-up of a company into more separate Disgorgement is a common term in developed companies. Such companies are usually formed markets across the world, though for most through mergers. market participants in India it is a new thing. Disgorgement means repayment of illegal gains by wrongdoers. Funds that were received through DerivAtives illegal or unethical business transactions are The financial assets that ‘derive’ their value from ‘disgorged’, or paid back, with interest to those other assets, such as shares, debentures, bonds, affected by the action. It is for the first time in securities, etc. India that the capital markets regulator, SEBI has passed this order of disgorgement; internationally Diis it is the civil courts that have this mandate along with the markets regulator. Domestic Investment Institution (DIIs) are the Disgorgement is a ‘remedial’ civil action, financial institutions of Indian origin investing rather than a ‘punitive’ civil action. In the US, in India is different derivatives such as share, individuals or companies that violate Securities and securities, corporate bounds, etc. They may Exchange Commission regulations are typically be public/govt. owned or privately owned— required to pay both civil money penalties and