Friday, January 31, 2020
Russian Mafia. Russian organised crime. Is the Russian Mafia is dead Essay
Russian Mafia. Russian organised crime. Is the Russian Mafia is dead or not - Essay Example The Russian Mafia can be linked with the imperial period of Russia, which started in the 1700s. Most of the Russian populations at that time were very poor people. During that time, the criminals who stole from the government resources and shared the profits with the poor were regarded as heroes and were seen as protectors of the community (Gleason, 2009). The term Russia Mafia is a phrase used by most people to refer to a collection of various criminals that are organized and are originate in the previous Soviet Union. Most of these groups share a similar organization structure and goals that identify them as part of the association. They have also been given names like Bratva, Organizatsiya, or the Red Mafia. In the world of today, more than 6,000 different groups that are existing, and more than 200 of these groups are operating globally (Niklaus, 2014). For an organized crime syndicate that is powerful, there was the integration of two USSR characteristic. There was present of a bureaucratic power that was excessive and an illegal market that was present. The bureaucratic excessive power encouraged organized crime by availing an environment for bribery, corruption, extortion and shakedown. According to the Soviet Ministry of Interior All- Union Research Institution in 1991 (Ruth, n.d), bribes were part of the salary of almost half the population of the entire government employees. However, the existence of a market that was illegal was the basis of the presence of the Mafia in the Soviet Union. Most people know that a market that is illegal, like alcohol during the period of prohibition or elicit organized crime of drugs today, yet this connection was distinctive in the Soviet Union. In the Soviet Union, any business form that was not approved by the government was associated with a market that was illegal. This strengthened the cr iminal growth in the USSR. Also, the government was not able to provide the basic products to the citizens hence making a
Thursday, January 23, 2020
Americanization and Canadian Culture :: Canadian Culture Essays
Americanization and Canadian Culture Gaà «tan Tremblay is a professor at the University in Quebec in Montreal. As a concerned Quebecois, He wrote an article which discusses the Americanization of Canada, in particular Quebec. Tremblay seems to have a strong stand point about the future of Quebec. Using statistical and literary evidence, primary and secondary sources, he attempts to support his argument that Quebec is a victim of American cultural colonization. Tremblay fears that Canadian culture is going to disappear as a result of the Canadian-American Free Trade Agreement. Tremblay started his article with what broadcasting is considered to be in Canada which is â€Å"an instrument of production and diffusion that must contribute to the maintenance and development of Canadian culture and its various components†. By this approach and use of words, he planted the idea that broadcasting is a fundamental tool for Canadian culture in his readers’ minds. This is effective because it insures how his readers will perceive broadcasting while reading the rest of his article. He supported this with an extract from the Broadcasting Act which focused on that point. His article started off strong but then weakened with his excessive use of quotations from the Canadian Broadcasting Act and his minimum effort in evaluating the quotes themselves. After discussing the importance of culture to Canadians he went on to mention how culture is not as important to Americans with his statement â€Å"For Americans, in contrast, cultural products are commodities like any other..†. Although this may strengthen his argument, it is also a biased statement since he is not American himself and he stated it like it was a known fact. Following that accusation, he attempted to support his idea of America’s dissolving culture by an exert from the National Telecommunications and Information Administration report which focuseed on the deregulation of their radio broadcasting system. The exert does not directly imply that the United States cares less about its culture because they are considering deregulation of radio broadcasting. The American Culture may not be threatened by deregulation the same way as the Canadian culture. But since he started his essay by mentioning how broadcasting â€Å"must†contribute to the development of Canadian culture, he is implying that the American culture has the same concept. The American culture may not be severely effected by deregulation just as the Canadian culture, so Tremblay’s argument may not be valid. To some readers who did not notice the bias, this argument may be considered very strong and convincing.
Wednesday, January 15, 2020
A Classical Story, a Baroque Interpretation, and Gian Lorenzo Bernini Essay
When told his son would surpass him in artistic brilliance, Pietro Bernini of Florence simply responded, â€Å"†¦remember, that in this game the loser wins†(Fagiolo 9). A conversation held in the distant past, there was no way for Pietro to know that his son, Gian Lorenzo Bernini, would come to be known as one of the most talented artists the world has ever seen. Fully immersed in the art world at a young age, Gian Lorenzo Bernini catapulted to artistic prominence soon after his initial commissions within the papacy. One of his earliest works, Bernini’s sculpture of Pluto and Proserpina not only illuminates Bernini’s astonishing skill in marble craft, but also serves as a perfect manifestation of Baroque ideals while simultaneously solidifying Bernini as a key artist of the Baroque art period which began its sweep across Europe during his lifetime. Gian Lorenzo Bernini was born on December 7th, 1598, in the city of Naples, Italy (Fagiolo 3). His father, Pietro Bernini, was a gifted Florentine sculptor who moved his family to Rome in 1606, the city in which Bernini would live until his death. In his youth, Bernini spent a great majority of his time and training in his father’s workshop; it was here that Pietro taught his son â€Å"to exercise hand and eye continually in his craft†(Fagiolo 3). After moving to Rome, his father worked for several years in the service of the Borghese Pope Paul V (Wittkower 3). Through his father’s fortunate connection with the papacy, the young and extremely gifted Gian Lorenzo caught the eye of the Pope and his nephew, Cardinal Scipione Borghese (Wittkower 3). This initial discovery launched Bernini into his lifelong successful artistic career. From 1618 onwards, Bernini was consistently employed, creating incredible and awe-inspiring artworks in the city of Rome: â€Å"For more than half a century he was sculptor-architect to eight popes, all of them†¦so respectful of Bernini’s genius that they gave him the richest commissions any artist has ever received†(Wallace 10). Following years of countless commissionsâ€â€including what some might call his most prominent and well known, the architectural design of St. Peter’s Square outside of the Vaticanâ€â€Bernini died on November 28th, 1680 at the age of 81, leaving behind an extraordinary legacy which is still pertinent in present day Italy: â€Å"†¦only the Romans had a greater influence on Rome than Gianlorenzo Bernini†(Bent). The story behind Bernini’s Pluto and Proserpina stakes its origins in ancient Greek mythology. Copied from the Greeks by the Romans, â€Å"The Rape of Persephone†â€â€daughter of the Greek goddess of the harvest, Demeterâ€â€was written in order to explain the forming of the four earthly seasons: fall, summer, spring, and winter (Fairbanks 176-178). In the story, Persephone is in a meadow, picking flowers as she walks, when she spies a narcissus flower that is â€Å"finer than the rest†(Fairbanks 178). As she stoops to claim it for her bouquet, the ground opens up and Hades, god of the dead, on his ghastly chariot, abducts Persephone and drags her to the underworld against her will (Fairbanks 178). Demeter, who discovers her daughter’s fate from Apollo, pleads with Zeus to return Persephone to her. (Fairbanks 179). To Demeter’s dismay, Persephone had ignorantly eaten pomegranate seeds of the underworld, and was therefore obliged to remain with Hades (Fairbanks 179). However, an agreement was made in which Persephone may spend half of a year in the underworld with her king, and the other half on Earth with her mother (Fairbanks 179). In the spring, when Persephone returns to the earthly realm, Demeter causes the flowers to grow in order to welcome her daughter home (Fairbanks 179). When Persephone must return to the underworld, Demeter mourns her daughter’s leaving, causing the leaves to wither and fall off the treesâ€â€and thus, the seasons were formed (Fairbanks 179). One of Bernini’s earlier works, the sculpture of Pluto and Proserpina is truly a wonder to behold. Completed in 1622 when Bernini was a mere twenty-three years old, the marble sculpture is larger than life and currently presides in the Borghese Gallery in Rome (â€Å"Pluto†). The sculpture, named for the Roman characters of myth, captures the very moment in which Pluto (Hades) has snatched his soon-to-be bride, Proserpina (Persephone), and drags her to his deathly realm. This is made apparent in the presence of Cerberus, the three-headed dog guardian of the underworld, who snarls ferociously under Proserpina’s writhing form. Pluto, with his firm grip, clasps Proserpina as she tries to flee from her somber king. However, Proserpina’s efforts are futile as Pluto is already successfully grounded in the underworld, and knows she cannot escape his clutches or a life spent in his shadowy kingdom. Pluto and Proserpina, as an artwork, serves as a pinnacle of Baroque values. The Baroque period, which began approximately around the year 1600â€â€two years after Bernini’s birthâ€â€marked a severe transition in European artistic ideals: â€Å"In comparison with the art of the High Renaissance, Baroque art is†¦more colorful, higher-pitched, and ‘theatrical. ’ Baroque art makes a direct appeal to the emotions of the viewer†(Wallace 11). In this regard, Pluto and Proserpina is dead onâ€â€as Proserpina strains against the force that is Pluto, the emotion portrayed via the body language and faces of both is a clear example of Baroque style. â€Å"Bernini interpreted this†¦as a conflict between brutal lust and desperate anguish,†a notion which is made clear in movement of the sculpture (Wittkower 4). As Proserpina struggles with all of her might, she pushes her left hand against Pluto in a feeble attempt at escape, all the while marble tears roll down her cheeks, an expression of anxiety and sadness written clearly on her face. Pluto, whose taut, muscular legs and firm grip on Proserpina’s thigh and stomach, has won his prize and intends to claim itâ€â€he looks on the struggling form of Proserpina with a hint of a smirk and nothing but desire in his eyes. The expressions Bernini gave the two only emphasize his influence on fundamental Baroque elements: â€Å"Baroque gestures in†¦sculpture are vividly dramatic†¦Facial expressions†¦are so explicitly rendered that they verge on caricature†(Wallace 11). The scene that Bernini portrays in Pluto and Proserpina is nothing short of emotive, dramatic, theatrical, steeped in movement, and utterly Baroque. Depicting a quintessential classical tale, Bernini’s sculpture of Pluto and Proserpina was created shortly after the conclusion of the High Renaissance, an art period in which â€Å"ancient celebrations of the human figure, together with the optimistic spirit of the early sixteenth century, fostered an unprecedented interest in the figure as art†(Wood 138). Artists practicing within the Baroque period took this appreciation of the human figure and aimed to embellish it with drama, movement, and sensation. Bernini’s Pluto and Proserpina does exactly thatâ€â€maintaining the High Renaissance’s desire for classicism and appreciation of the individual, Bernini expertly crafts idyllic human forms while simultaneously adding Baroque flourish to the work. The rippling, muscular form of Pluto reflects attention to the male figure similar in quality to that of Michelangelo’s David, yet differs severely in Pluto’s movement versus David’s stagnant pose (Michelangelo’s). As Pluto lunges into the underworld with his fleshy prize, there is distinct sense of mobility and, in essence, story-telling within the work. David, on the other hand, is found lacking in both action and dramaâ€â€in a relaxed stance, David has his slingshot casually slung over his left shoulder, holding the stone listlessly in his right hand. Despite the fact that David is wearing an expression of what seems to be concentration or concern, Michelangelo’s work is a far cry from the emotional drama present in Pluto and Proserpina. Through Bernini’s portrayal of the contrasting feelings of Pluto and Proserpina in such an exaggerated and dramatic way, the audience is caught up in the moment of the story as if they are actually experiencing it. Static statues such as Michelangelo’s David, however, leave the viewer rooted in time and place, contemplating what the work has potential to do, without actually witnessing it. Despite the truly amazing artistic prowess behind Pluto and Prosperpina, not to mention the fact that the work was created almost four hundred years ago, Bernini’s massive portfolio of work has only recently been circulating the art world in terms of its analysis and critique. â€Å"Bernini himself predicted that his reputation would diminish after his death; his art is much concerned with emotion and faith, and†¦he sensed†¦these qualities would not be the most admired in the age of reason†(Wallace 10). Praised for years by eight different papacies, Bernini’s remarkable artwork fell by the wayside, and was even slandered by English art critic John Ruskin who believed it was â€Å"impossible for false taste and base feeling to sink lower†than Bernini’s work (Wittkower 1). However, although his reputation as an artist hit an all-time low in the Victorian era due to Ruskin’s harsh critique, Bernini is finally beginning to receive the recognition he deserves. With transportation more readily accessible than ever before in combination with he notion â€Å"†¦that citizens of the late 20th century, having seen what a botch men of reason have made of the world, are increasingly open-minded toward men of feeling,†Bernini’s work is only now, within the last one hundred years or so, being considered by art historians, as implausible as it may seem (Wittkower 12). Pluto and Proserpina, though an exceptional work of art, is one of Bernini’s lesser-studied sculpturesâ€â€it is next to impossible to find any sort of analysis of the work. Yet, even though it is not considered to be his best workâ€â€if even considered at allâ€â€those who have had the chance to observe and contemplate it recognize Bernini’s sheer technical expertise as exhibited in Pluto and Proserpina. In an article from The North American Review, Bernini is considered â€Å"the soul of his age†in that he provided â€Å"a solid, emotional core†to â€Å"a theatrical style like Baroque†(Bent). The article praises Bernini as â€Å"a master of detail who always built his figures around a single, dramatically potent gesture. His ‘Pluto Abducting Proserpina’ is a case in point†(Bent). More praise for Bernini comes from author John Wallace, who, in his book, The World of Bernini, describes the sculpture of Pluto and Proserpina as â€Å"†¦one of the most remarkable in carved†¦sculpture†in terms of its astounding physical and psychological realism (Wallace 18). As â€Å"†¦an artist whose influence on his time is without parallel in history,†Bernini was undoubtedly a crucial artist in the foundation of the Baroque movement (Wallace 9). Born two years prior to the dated beginning of the Baroque period, Bernini spent his entire life creating works of art steeped in Baroque idealsâ€â€works of movement, drama, and emotion. The sculpture of Pluto and Proserpina does nothing but emphasize this notion of Bernini’s reign as a leading Baroque artist in Rome. Despite the fact that his reputation as an incredibly accomplished artist diminished drastically in the years following his death in 1680, Bernini is without a doubt one of the most skilled artists to have ever lived. Without Gian Lorenzo Bernini’s considerable contributions, the Eternal City of Rome would be found lacking in the majority of its artistic grandeur, and the Baroque period would be missing an absolutely essential founding father.
Tuesday, January 7, 2020
Introduction To The SENSEX Index Example For Free - Free Essay Example
Sample details Pages: 12 Words: 3613 Downloads: 7 Date added: 2017/06/26 Category Economics Essay Type Narrative essay Did you like this example? BSE is the first stock exchange in the country to obtain permanent recognition in 1956 from the Government of India.The Exchange has a nation-wide reach with a presence in 417 cities and towns of India.The Exchanges role in the development of the Indian capital market is widely recognized and its index, SENSEX, is tracked worldwide. The BSE Sensex or Bombay Stock Exchange Sensitivity Index is a value-weighted index composed of 30 stocks that started January 1, 1986. The Sensex is regarded as the pulse of the domestic stock markets in India. It consists of the 30 largest and most actively traded stocks, representative of various sectors, on the Bombay Stock Exchange. These companies account for around fifty per cent of the market capitalisation of the BSE. The base value of the sensex is 100 on April 1, 1979, and the base year of BSE-SENSEX is 1978-79. Earlier an Association of Persons (AOP).The Exchange is professionally managed under the overall direction o f the Board of Directors.The Board comprises eminent professionals, representatives of Trading Members and the Managing Director of the Exchange.In terms of organisation structure, the Board formulates larger policy issues and exercises over-all control. The committees constituted by the Board are broad-based.The day-to-dayoperations of the Exchange are managed by the Managing Director and a management team of professionals. Analysis of sensex How is sensex index calculated ? SENSEX, first compiled in 1986 was calculated on a Market Capitalization-Weighted methodology of 30 component stocks representing a sample of large, well-established and financially sound companies.These companies account for around one-fifth of the market capitalization of the BSE(indices). The base year of SENSEX is 1978-79(April.1 1979 = 100). The index is widely reported in both domestic and international markets through print as well as electronic media. SENSEX is not only scientifically d esigned but also based on globally accepted construction and review methodology. From September 2003, the SENSEX is calculated on a free-float marke capitalization methodology. The free-float Market Capitalization-Weighted methodology is a widely followed index construction methodology on which majority of global equity benchmarks are based. Market cap or market capitalization is simply the worth of a company in terms of its shares! To put it in a simple way, if you were to buy all the shares of a particular company, what is the amount you would have to pay? That amount is called the market capitalization!so its expressn can b.. Market cap = (current share price)X(number of shares issued by the company) Now, only the open market shares that are free for trading by anyone, are called the free-float shares.A simple way to understand the free-float market cap would be, the total cost of buying all the shares in the open market!BSE determines a free-float factor depending on ho w many shares are open in the total,then free-float market capitalization can be expressed as free-float Market cap= (free float factor)X(Market cap of the company) Now by adding free-float market cap of all the 30 companies listed and making it relative to sensex base, i.e, Sensex = 100X(free-float market cap1)/(free-float market cap of base year-1978-79) What are prerequisites for a company to be listed ? Some of the requirements are as under :- [I] Minimum Listing Requirements for new companies The following revised eligibility criteria for listing of companies on the Exchange, through Initial Public Offerings (IPOs) Follow-on Public Offerings (FPOs), effective August 1, 2006. ELIGIBILITY CRITERIA FOR IPOs/FPOs 1. Companies have been classified as large cap companies and small cap companies. A large cap company is a company with a minimum issue size of Rs. 10 crores and market capitalization of not less than Rs. 25 crores. A small cap company is a c ompany other than a large cap company. 1. In respect of Large Cap Companies 1. The minimum post-issue paid-up capital of the applicant company (hereinafter referred to as the Company) shall be Rs. 3 crores; and 2. The minimum issue size shall be Rs. 10 crores; and 3. The minimum market capitalization of the Company shall be Rs. 25 crores (market capitalization shall be calculated by multiplying the post-issue paid-up number of equity shares with the issue price). 2. In respect of Small Cap Companies 1. The minimum post-issue paid-up capital of the Company shall be Rs. 3 crores; and 2. The minimum issue size shall be Rs. 3 crores; and 3. The minimum market capitalization of the Company shall be Rs. 5 crores (market capitalization shall be calculated by multiplying the post-issue paid-up number of equity shares with the issue price); and 4. The minimum income/turnover of the Company should be Rs. 3 crores in each of the preceding three 12-months period; and 5. The minimum number of public shareholders after the issue shall be 1000. 6. A due diligence study may be conducted by an independent team of Chartered Accountants or Merchant Bankers appointed by the Exchange, the cost of which will be borne by the company. The requirement of a due diligence study may be waived if a financial institution or a scheduled commercial bank has appraised the project in the preceding 12 months. 2. For all companies : 1. In respect of the requirement of paid-up capital and market capitalisation, the issuers shall be required to include in the disclaimer clause forming a part of the offer document that in the event of the market capitalisation (product of issue price and the post issue number of shares) requirement of the Exchange not being met, the securities of the issuer would not be listed on the Exchange. 2. The applicant, promoters and/or group companies, should not be in default in compliance of the listing agreement. 3. The above eligibility criteria would be in addition to the conditions prescribed under SEBI (Disclosure and Investor Protection) Guidelines, 2000. [II] Minimum Listing Requirements for companies listed on other stock exchanges The Governing Board of the Exchange at its meeting held on 6th August, 2002 amended the direct listing norms for companies listed on other Stock Exchange(s) and seeking listing at BSE. These norms are applicable with immediate effect. 1. The company should have minimum issued and paid up equity capital of Rs. 3 crores. 2. The Company should have profit making track record for last three years. The revenues/profits arising out of extra ordinary items or income from any source of non-recurring nature should be excluded while calculating distributable profits. 3. Minimum networth of Rs. 20 crores (networth includes Equity capital and free reserves excluding revaluation reserves). 4. Minimum market capitalisation of the listed capital should be at least t wo times of the paid up capital. 5. The company should have a dividend paying track record for the last 3 consecutive years and the minimum dividend should be at least 10%. 6. Minimum 25% of the companys issued capital should be with Non-Promoters shareholders as per Clause 35 of the Listing Agreement. Out of above Non Promoter holding no single shareholder should hold more than 0.5% of the paid-up capital of the company individually or jointly with others except in case of Banks/Financial Institutions/Foreign Institutional Investors/Overseas Corporate Bodies and Non-Resident Indians. 7. The company should have at least two years listing record with any of the Regional Stock Exchange. 8. The company should sign an agreement with CDSL NSDL for demat trading. [III] Minimum Requirements for companies delisted by BSE seeking relisting of the Exchange The companies delisted by the Exchange and seeking relisting are required to make a fresh public offer and comply with the prevailing SEBIs and BSEs guidelines regarding initial public offerings. How do companies get listed on the stock market ? Here is how BSE lists companies which satisfy criterion,more or less same procedure is fallowed by other stock exchanges. Bombay Exchange has a separate Listing Department to grant approval for listing of securities of companies in accordance with the provisions of the Securities Contracts (Regulation) Act, 1956, Securities Contracts (Regulation) Rules, 1957, Companies Act, 1956, Guidelines issued by SEBI and Rules, Bye-laws and Regulations of the Exchange. A company intending to have its securities listed on any Exchange has to comply with the listing requirements prescribed by the Exchange and regulating bodies. IV Permission to use the name of the Exchange in an Issuer Companys prospectus V Submission of Letter of Application VI Allotment of Securities VII Trading Permission VIII Requirement of 1% Security IX Payment of Listi ng Fees X Compliance with Listing Agreement XI Cash Management Services (CMS) Collection of Listing Fees [IV] Permission to use the name of the Exchange(for BSE) in an Issuer Companys prospectus The Exchange follows a procedure in terms of which companies desiring to list their securities offered through public issues are required to obtain its prior permission to use the name of the Exchange in their prospectus or offer for sale documents before filing the same with the concerned office of the Registrar of Companies. The Exchange has since last three years formed a Listing Committee to analyse draft prospectus/offer documents of the companies in respect of their forthcoming public issues of securities and decide upon the matter of granting them permission to use the name of Bombay Stock Exchange Limited in their prospectus/offer documents. The committee evaluates the promoters, company, project and several other factors before taking decision in this regard. List [V] Submission of Letter of Application As per Section 73 of the Companies Act, 1956, a company seeking listing of its securities on the Exchange is required to submit a Letter of Application to all the Stock Exchanges where it proposes to have its securities listed before filing the prospectus with the Registrar of Companies. List [VI] Allotment of Securities As per Listing Agreement, a company is required to complete allotment of securities offered to the public within 30 days of the date of closure of the subscription list and approach the Regional Stock Exchange, i.e. Stock Exchange nearest to its Registered Office for approval of the basis of allotment. In case of Book Building issue, Allotment shall be made not later than 15 days from the closure of the issue failing which interest at the rate of 15% shall be paid to the investors. List [VII] Trading Permission As per Securities and Exchange Board of India Guidelines, the issuer company should complete the formalities for trading at all the Stock Exchanges where the securities are to be listed within 7 working days of finalisation of Basis of Allotment. A company should scrupulously adhere to the time limit for allotment of all securities and dispatch of Allotment Letters/Share Certificates and Refund Orders and for obtaining the listing permissions of all the Exchanges whose names are stated in its prospectus or offer documents. In the event of listing permission to a company being denied by any Stock Exchange where it had applied for listing of its securities, it cannot proceed with the allotment of shares. However, the company may file an appeal before the Securities and Exchange Board of India under Section 22 of the Securities Contracts (Regulation) Act, 1956. List [VIII] Requirement of 1% Security The companies making public/rights issues are required to deposit 1% of issue amount with the Regional Stock Exchange before the issue opens. This amount is liable to be forfeited in the event of the company not resolving the complaints of investors regarding delay in sending refund orders/share certificates, non-payment of commission to underwriters, brokers, etc. List [IX] Payment of Listing Fees All companies listed on the Exchange have to pay Annual Listing Fees by the 30th April of every financial year to the Exchange as per the Schedule of Listing Fees prescribed from time to time. The schedule of listing fees for the year 2007-2008, prescribed by the Governing Board of the Exchange is given hereunder : SCHEDULE OF LISTING FEES FOR THE YEAR 2007-2008 Sr. No. Particulars Amount (Rs.) 1 Initial Listing Fees 20,000 2 Annual Listing Fees (i) Companies with paid-up capital* upto Rs. 5 crores-10,000 (ii) AboveRs. 5 crores and upto Rs. 10 crores-15,000 (iii) Above Rs. 10 crores and upto Rs. 20 crores-30,000 3 Companies which have a listed capital* of more than Rs. 20 crores will pay additional fee of Rs. 750/- f or every increase of Rs. 1 crores or part thereof. 4 In case of debenture capital (not convertible into equity shares) of companies, the fees will be charged @ 25% of the fees payable as per the above mentioned scales. *includes equity shares, preference shares, fully convertible debentures, partly convertible debenture capital and any other security which will be converted into equity shares. Kindly Note the last date for payment of listing fee for the year 2007-2008 is April 30, 2007. Failure to pay the listing fee(for the equity and/or debt segment) before the due date i.e. April 30, 2007 will attract imposition of interest @ 12% per annum w.e.f. May 1, 2007. List [X] Compliance with Listing Agreement The companies desirous of getting their securities listed are required to enter into an agreement with the Exchange called the Listing Agreement and they are required to make certain disclosures and perform certain acts. As such, the agreement is of great importanc e and is executed under the common seal of a company. Under the Listing Agreement, a company undertakes, amongst other things, to provide facilities for prompt transfer, registration, sub-division and consolidation of securities; to give proper notice of closure of transfer books and record dates, to forward copies of unabridged Annual Reports and Balance Sheets to the shareholders, to file Distribution Schedule with the Exchange annually; to furnish financial results on a quarterly basis; intimate promptly to the Exchange the happenings which are likely to materially affect the financial performance of the Company and its stock prices, to comply with the conditions of Corporate Governance, etc. The Listing Department of the Exchange monitors the compliance of the companies with the provisions of the Listing Agreement, especially with regard to timely payment of annual listing fees, submission of quarterly results, requirement of minimum number of shareholders, etc. and takes pen al action against the defaulting companies. List [XI] Cash Management Services (CMS) Collection of Listing Fees As a further step towards simplifying the system of payment of listing fees, the Exchange has entered into an arrangement with HDFC Bank for collection of listing fees, from 141 locations, situated all over India.Details of the HDFC Bank branches, are available on our website site www.bseindia.com as well as on the HDFC Bank website www.hdfcbank.com The above facility is being provided free of cost to the Companies. Companies intending to utilise the above facility for payment of listing fee would be required to furnish the information, (mentioned below) in the Cash Management Cash Deposit Slip. These slips would be available at all the HDFC Bank centres. S.No HEAD INFORMATION TO BE PROVIDED 1. Client Name Bombay Stock Exchange Limited 2. Client Code BSELIST 3. Cheque No. mention the cheque No date 4. Date date on w hich payment is being deposited with the bank. 5. Drawer state the name of the company and the company code No.The last digits mentioned in the Ref. No. on the Bill is the company code No.e.g If the Ref. No in the Bill is mentioned as : Listing/Alf-Bill/2004-2005/4488, then the code No of that company is 4488 6. Drawee Bank state the bank on which cheque is drawn 7. Drawn on Location Mention the location of the drawee bank. 8. Pickup Location Not applicable 9. No. of Insts Not applicable The Cheque should be drawn in favour of Bombay Stock Exchange Limited , and should be payable, locally.Companies are requested to mention in the deposit slip, the financial year(s) for which listing fee is being paid. Payment made through any other slips would not be considered. The above slips will have to be filled in quadruplicate. One acknowledged copy would be provided to the depositor by the HDFC Bank. Development of sensex in last year 100 0, July 25, 1990 On July 25, 1990, the Sensex touched the four-digit figure for the first time and closed at 1,001 in the wake of a good monsoon and excellent corporate results 2000, January 15, 1992 On January 15, 1992, the Sensex crossed the 2,000-mark and closed at 2,020 followed by the liberal economic policy initiatives undertaken by the then finance minister and current Prime Minister Dr Manmohan Singh 3000, February 29, 1992 On February 29, 1992, the Sensex surged past the 3000 mark in the wake of the market-friendly Budget announced by Manmohan Singh. 4000, March 30, 1992 On March 30, 1992, the Sensex crossed the 4,000-mark and closed at 4,091 on the expectations of a liberal export-import policy. It was then that the Harshad Mehta scam hit the markets and Sensex witnessed unabated selling. 5000, October 11, 1999 On October 8, 1999, the Sensex crossed the 5,000-mark as the Bharatiya Janata Party-led coalition won the majority in the 13th Lok Sabha election. 6000, February 11, 2000 On February 11, 2000, the information technology boom helped the Sensex to cross the 6,000-mark and hit and all time high of 6,006. 7000, June 21, 2005 On June 20, 2005, the news of the settlement between the Ambani brothers boosted investor sentiments and the scrips of RIL, Reliance Energy, Reliance Capital and IPCL made huge gains. This helped the Sensex crossed 7,000 points for the first time. 8000, September 8, 2005 On September 8, 2005, the Bombay Stock Exchanges benchmark 30-share index the Sensex crossed the 8000 level following brisk buying by foreign and domestic funds in early trading. 9000, December 9, 2005 The Sensex on November 28, 2005 crossed 9000 to touch 9000.32 points during mid-session at the Bombay Stock Exchange on the back of frantic buying spree by foreign institutional investors and well supported by local operators as well as retail investors. 10,000, February 7, 2006 The Sensex on February 6, 2006 touched 10,003 points during mid-session. The Sensex finally closed above the 10,000-mark on February 7, 2006. 11,000, March 27, 2006 The Sensex on March 21, 2006 crossed 11,000 and touched a peak of 11,001 points during mid-session at the Bombay Stock Exchange for the first time. However, it was on March 27, 2006 that the Sensex first closed at over 11,000 points. 12,000, April 20, 2006 The Sensex on April 20, 2006 crossed 12,000 and touched a peak of 12,004 points during mid-session at the Bombay Stock Exchange for the first time. 13,000, October 30, 2006 The Sensex on October 30, 2006 crossed 13,000 for the first time. It touched a peak of 13,039.36 and finally closed at 13,024.26. 14000, December 5, 2006 The Sensex on December 5, 2006 crossed 14,000. 15,000, July 6, 2007 The Sensex on July 6, 2007 crossed 15,000 mark. 16,000, September 19, 2007 The Sensex on September 19, 2007 crossed the 16,000 mark. 17,000, September 26, 2007 The Sensex on September 26, 2007 cros sed the 17,000 mark for the first time. 18,000, October 9, 2007 The Sensex on October 9, 2007 crossed the 18,000 mark for the first time. 19,000, October 15, 2007 The Sensex on October 15, 2007 crossed the 19,000 mark for the first time. 20,000, October 29, 2007 The Sensex on October 29, 2007 crossed the 20,000 mark for the first time. 21,000, Jan 08, 2008 The Sensex on January 8, 2008 touched all time peak of 21078 before closing at 20873.[3] 13,000, October 30, 2006 The Sensex on October 30, 2006 crossed 13,000 and still riding high at the Bombay Stock Exchange for the first time. It took 135 days to reach 13,000 from 12,000. And 124 days to reach 13,000 from 12,500. On October 30, 2006 it touched a peak of 13,039.36 closed at 13,024.26. 14,000, December 5, 2006 The Sensex on December 5, 2006 crossed 14,000 and touched a peak of 14028 at 9.58AM(IST) while opening for the day December 5, 2006. 15,000, July 6, 2007- The Sensex on July 6, 2007 crossed anot her milestone and reached a magic figure of 15,000. it took almost 7 month and 1 day to touch such a historic milestone. Coincidentally, Sachin Tendulkar achieved the same mark (15000 runs in international cricket) around the same time. (A refrain at that time was, Sachin, make runs, so that the Sensex rises too!) The following diagram shows the growth of earning per share from 1998 to 2010. The Bombay Stock Exchange (BSE) Sensex grew by 249 percent over the last 10 years, while the Shanghai Stock Exchange (SSE) Composite Index managed 140 percent growth. This is more remarkable given the Shanghai market has the advantage of a fixed population access; Chinese nationals can only invest in the Shanghai or Shenzhen exchanges and require special permission to acquire stocks from overseas. Indians meanwhile are free to invest where they choose, however increasing amounts of foreign capital and returning Indian investment are now flowing back to India (the Shanghai Stock Exchange pl aces limitations on foreign investment with a only 79 foreign institutions currently able to buy and sell A (locally priced) shares). The BSE traces its roots back to 1830, with its primary trading index, the Sensex, being first compiled in 1986 with a base level of 100. The BSE is now the largest exchange in South Asia and the 12th largest globally with an estimated market capitalization of US$1.03 trillion in June 2009. There are over 4,o00 listed companies on the exchange. In contrast, the SSE was only reformed in 1990 and lists some 900 companies. It is the sixth largest exchange in the world with a market capitalization of US$2.07 trillion, but is dominated by government-owned companies and is not fully open to foreign investors. Shanghais primary index, the SSE Composite IX was formed in 1991 with a base value of 100. The Indian industries were greatly effected by the recession of the year 2010. Indian Economy, however just felt the blow of the global economic recession and the real economic growth have seen a sharp fall followed by the lower exports, capital outflow and corporate restructuring. It is expected that the global economies continue to stay strong in the short-term as the effect of stimulus is still strong and the tax cuts are working. Indias Economic Outlook Projection 2007 2008 2009 2010 GDP Growth 9.40% 7.30% 7.60% 8.30% CPI 6.40% 9.30% 5.50% 4.90% Year 2009 has started on the gloomy note, however the trend reversed from the first quarter of the year, financial markets posted strong gains fueled by huge amount of capital inflows which was set-aside during the economic downturn in search of a higher yield. In order to keep the economic growth during the time of worst recession, Federal authorities in India has announced the stimulus packages to prop-up the economic growth. To finance the stimulus packages, Indian Government has raised over $100 billion over the last four quarters in a way to finance the stimulus pack age. Countrys Public debt, according to the latest data has zoomed to over 50% of the total GDP and Indias Central bank, Reserve Bank of India has started printing new currency notes Don’t waste time! 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