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Saturday, November 28, 2009
Tuesday, November 10, 2009
What should you ask before you invest
How many times do we hear the warnings against persuasive sellers of unsuitable securities? This is a question I addressed in my book, Trust and Honesty, America’s Business Culture at a Crossroad:
“There are warnings in books, articles, newspapers, government publications,
and on the Internet, advising investors to verify offers that are ‘too good
to be true,’ to check with government agencies and their web sites, and to
obtain information about the promoters who promise short-term enormous
gains. After disastrous losses and painful experiences, the United States
Department of Justice Programs, Office for Victims of Crime, offers support
to victims. In spite of these admonitions to the victims, financial fraud
has not diminished.”
What should raise your suspicions that sellers may be dishonest or
securities may be unsuitable for you? When should you check, check and check
again to make sure that the offer you received is legitimate? Here are some
suggestions:
* There is no free lunch. A promise of very high return and very low
risk does not exist. Attached to the investment with high return is high
risk of loss. They always go together. Do not get carried away by the plus
side and look at the down side as well.
* If the companies that
offer the securities make such an offering on a continuous basis, check and
check again. Unless they are mutual funds or other types of financial
intermediaries, a continuous offering may point to a Ponzi scheme. In such a
scheme the promise of profits is too high to be achieved legitimately. Your
money is used to pay the very high dividends to other investors that
invested before you.
If you are one of the first investors, you will get other people’s
investment money as dividends. A Ponzi scheme must end when no more
investors are available. There are no profits from which to pay the promised
high dividends and the lavish life style of the sellers of the securities.
If you did not get other people’s money, your money will be spent and you
get close to nothing.
* If you do not easily understand how the business makes profits, do
not buy the securities of the business. In the case of Enron, few people
understood how Enron made money. In fact, Enron did not make money but lost
money. The numbers and valuation of the assets were manipulated to show
profits that were not there and hide liabilities that were there.
* As I wrote: “Lavish large donations and huge entertainment
budgets on behalf of businesses and corporations rather than personal
donations may raise a red flag.” It is easy to be generous with other
people’s money. Find out whether the management also donated its own money
as generously. In addition, if money is spent not on the business but on the
donations, find out what the profits really look like. Large spenders of
other people’s money may spend more on themselves as well.
* Be careful when the person who offers you the securities or the
securities themselves carry “minimal government supervision.” If the brokers
who offer you the stock are not registered with the National Association of
Securities Dealers (NASD) or the advisers who give you the advice are not
registered with the Securities and Exchange Commission or a State regulatory
agency, check and check again.
Learn to trust with caution. A con artist who is smooth, pleasant, and
utterly charming is no different from a truthful person who has these
qualities. The more money is involved in the transaction the more you must
know about the person with whom you deal.
You can buy a newspaper from a stranger. You should not entrust even
hundreds of dollars to a stranger for a piece of paper that makes a promise.
In addition, your previous connection with a person may not be reliance. It
is not by chance that con artists start business with victims in small
amounts, and let the victims win (in poker) and sell them a small amount of
stock for exorbitant price. Only them do they “bite” (in poker) or sell
large amount of worthless stock. In such a case do not rely on past
transactions but find out who the person with whom you are dealing really
is.
* Examine yourself and your own tendencies. This is the most
important protection you have against falling for persuasive sellers of
securities.
Studies have shown that the same people fall for fraudulent schemes time and
again. In fact, one story suggested that con artists who were suspected and
had to move to another area sold their victims’ list to other con artists
who would concoct another scheme and sell it to the same investors. The
chances are that those same investors would fall for the new scheme as well.
It is natural to dream of finding a treasure. Stories about others who have
found treasures seem to make the dreams possible for us as well. If others
won millions in the state lottery, why not I?
Some sellers of securities emphasize our dreams but not to the probabilities
of loss. It is good to dream, but it is important to know that a dream is
not necessarily a reality. It is important not to acquire the habit of
trying to pay for the dream, sometimes pay dearly, yet try again. The
strongest and best protector against persuasive sellers of unsuitable
securities is YOU.
Tamar Frankel is the author of Trust and Honesty: America's Business Culture
at a Crossroad (Oxford University Press, 2006). Tamar is a professor of law
at Boston University School of Law. She has taught and lectured at Oxford
University, Tokyo University, Harvard Law School, Harvard Business School
and consulted with the People’s Bank of China. Professor Frankel has written
and taught in the areas of mutual funds, securitization, financial system
regulation, fiduciary law and corporate governance
“There are warnings in books, articles, newspapers, government publications,
and on the Internet, advising investors to verify offers that are ‘too good
to be true,’ to check with government agencies and their web sites, and to
obtain information about the promoters who promise short-term enormous
gains. After disastrous losses and painful experiences, the United States
Department of Justice Programs, Office for Victims of Crime, offers support
to victims. In spite of these admonitions to the victims, financial fraud
has not diminished.”
What should raise your suspicions that sellers may be dishonest or
securities may be unsuitable for you? When should you check, check and check
again to make sure that the offer you received is legitimate? Here are some
suggestions:
* There is no free lunch. A promise of very high return and very low
risk does not exist. Attached to the investment with high return is high
risk of loss. They always go together. Do not get carried away by the plus
side and look at the down side as well.
* If the companies that
offer the securities make such an offering on a continuous basis, check and
check again. Unless they are mutual funds or other types of financial
intermediaries, a continuous offering may point to a Ponzi scheme. In such a
scheme the promise of profits is too high to be achieved legitimately. Your
money is used to pay the very high dividends to other investors that
invested before you.
If you are one of the first investors, you will get other people’s
investment money as dividends. A Ponzi scheme must end when no more
investors are available. There are no profits from which to pay the promised
high dividends and the lavish life style of the sellers of the securities.
If you did not get other people’s money, your money will be spent and you
get close to nothing.
* If you do not easily understand how the business makes profits, do
not buy the securities of the business. In the case of Enron, few people
understood how Enron made money. In fact, Enron did not make money but lost
money. The numbers and valuation of the assets were manipulated to show
profits that were not there and hide liabilities that were there.
* As I wrote: “Lavish large donations and huge entertainment
budgets on behalf of businesses and corporations rather than personal
donations may raise a red flag.” It is easy to be generous with other
people’s money. Find out whether the management also donated its own money
as generously. In addition, if money is spent not on the business but on the
donations, find out what the profits really look like. Large spenders of
other people’s money may spend more on themselves as well.
* Be careful when the person who offers you the securities or the
securities themselves carry “minimal government supervision.” If the brokers
who offer you the stock are not registered with the National Association of
Securities Dealers (NASD) or the advisers who give you the advice are not
registered with the Securities and Exchange Commission or a State regulatory
agency, check and check again.
Learn to trust with caution. A con artist who is smooth, pleasant, and
utterly charming is no different from a truthful person who has these
qualities. The more money is involved in the transaction the more you must
know about the person with whom you deal.
You can buy a newspaper from a stranger. You should not entrust even
hundreds of dollars to a stranger for a piece of paper that makes a promise.
In addition, your previous connection with a person may not be reliance. It
is not by chance that con artists start business with victims in small
amounts, and let the victims win (in poker) and sell them a small amount of
stock for exorbitant price. Only them do they “bite” (in poker) or sell
large amount of worthless stock. In such a case do not rely on past
transactions but find out who the person with whom you are dealing really
is.
* Examine yourself and your own tendencies. This is the most
important protection you have against falling for persuasive sellers of
securities.
Studies have shown that the same people fall for fraudulent schemes time and
again. In fact, one story suggested that con artists who were suspected and
had to move to another area sold their victims’ list to other con artists
who would concoct another scheme and sell it to the same investors. The
chances are that those same investors would fall for the new scheme as well.
It is natural to dream of finding a treasure. Stories about others who have
found treasures seem to make the dreams possible for us as well. If others
won millions in the state lottery, why not I?
Some sellers of securities emphasize our dreams but not to the probabilities
of loss. It is good to dream, but it is important to know that a dream is
not necessarily a reality. It is important not to acquire the habit of
trying to pay for the dream, sometimes pay dearly, yet try again. The
strongest and best protector against persuasive sellers of unsuitable
securities is YOU.
Tamar Frankel is the author of Trust and Honesty: America's Business Culture
at a Crossroad (Oxford University Press, 2006). Tamar is a professor of law
at Boston University School of Law. She has taught and lectured at Oxford
University, Tokyo University, Harvard Law School, Harvard Business School
and consulted with the People’s Bank of China. Professor Frankel has written
and taught in the areas of mutual funds, securitization, financial system
regulation, fiduciary law and corporate governance
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Wednesday, April 22, 2009
Inflation moves up to 0.26%
MUMBAI: Inflation based on the wholesale price index (WPI) has moved up to 0.26% for the week ended April 11 when compared with 0.18% in the previous week due to higher prices of food articles. A UTVi poll had seen inflation easing to 0.13%.
The official WPI for all commodities for the week ended 11 April rose 0.3% to 228.8 (provisional) from 228.2 (provisional) for the previous week.
Inflation was at 7.95% during the corresponding week (12/04/2008) of the previous year.
The WPI for primary articles rose 0.5% to 248.9 (provisional) from 247.6 (provisional) for the previous week. The index for food articles group increased 0.5% to 246.8 (provisional) from 245.6 (provisional) for the previous week due to higher prices of tea (5%), bajra and jowar (3% each), fruit & vegetables (2%) and mutton and maize (1% each). However, the prices of gram and barley (1% each) declined.
The index for fuel, power, light and lubricants remained unchanged at its previous week's level of 322.6 (provisional).
The index for manufactured products increased 0.2% to 200.9 (provisional) from 200.5 (provisional) for the previous week.
The government revised inflation data for the week ended 14 February to 3.18% from the earlier announced 3.36.
Updated at 0930 hrs: Inflation for the week ended April 11 is estimated to ease to 0.13% from 0.18% in the week ago period, a poll of 13 economists by UTVi indicated. Inflation for week ended April 11 is expected to decline on the back of a high base effect from last year.
The inflation trajectory continues to remain southward bound and in its Annual Policy detailed on April 21 for the current financial year, the Reserve Bank of India said that inflation would slip into negative territory in the early part of 2009-10. RBI forecasts inflation to be around 4 percent by March next year. Announcing the policy the central bank slashed key interest rates by 25 basis points and in an interview with UTVi, RBI Governor D Subbarao has said there was room for further monetary policy easing. The inflation estimates of the 13 analysts polled by us ranges from a high of 0.26% to a low of zero.
The official WPI for all commodities for the week ended 11 April rose 0.3% to 228.8 (provisional) from 228.2 (provisional) for the previous week.
Inflation was at 7.95% during the corresponding week (12/04/2008) of the previous year.
The WPI for primary articles rose 0.5% to 248.9 (provisional) from 247.6 (provisional) for the previous week. The index for food articles group increased 0.5% to 246.8 (provisional) from 245.6 (provisional) for the previous week due to higher prices of tea (5%), bajra and jowar (3% each), fruit & vegetables (2%) and mutton and maize (1% each). However, the prices of gram and barley (1% each) declined.
The index for fuel, power, light and lubricants remained unchanged at its previous week's level of 322.6 (provisional).
The index for manufactured products increased 0.2% to 200.9 (provisional) from 200.5 (provisional) for the previous week.
The government revised inflation data for the week ended 14 February to 3.18% from the earlier announced 3.36.
Updated at 0930 hrs: Inflation for the week ended April 11 is estimated to ease to 0.13% from 0.18% in the week ago period, a poll of 13 economists by UTVi indicated. Inflation for week ended April 11 is expected to decline on the back of a high base effect from last year.
The inflation trajectory continues to remain southward bound and in its Annual Policy detailed on April 21 for the current financial year, the Reserve Bank of India said that inflation would slip into negative territory in the early part of 2009-10. RBI forecasts inflation to be around 4 percent by March next year. Announcing the policy the central bank slashed key interest rates by 25 basis points and in an interview with UTVi, RBI Governor D Subbarao has said there was room for further monetary policy easing. The inflation estimates of the 13 analysts polled by us ranges from a high of 0.26% to a low of zero.
The inflation figure for week ended April 11 has been declared at 0.26% versus the earlier figure of 0.18%, reports NDTV Profit
WPI for all commodities is up 0.3% at 228.8 (WoW), reports NDTV Profit. Manufactured Products Index is up 0.2% (WoW), Primary Articles Index is up 0.5% (WoW) while WPI for Fuel Group remains unchanged (WoW), it adds
WPI for all commodities is up 0.3% at 228.8 (WoW), reports NDTV Profit. Manufactured Products Index is up 0.2% (WoW), Primary Articles Index is up 0.5% (WoW) while WPI for Fuel Group remains unchanged (WoW), it adds
Tuesday, April 14, 2009
Employes relieved, tread with caution
The news of Tech Mahindra emerging as the highest bidder to acquire a controlling stake in Satyam has attracted mixed responses from the fraud-hit IT major’s employees. Associates are trying to build up a hopeful image and get away from the fear of job loss, although no promises have been made before them.
Employees at Satyam’s headquarters in Hyderabad sported a festive mood on Monday. Anita, who has been with the company for the last three years, said, “This is the greatest relief I have got in my career.” There is reason for her rejoice, as her project, which is related to ERP business, was nearing completion and there was no sign of its extension. With Monday’s news, she is hopeful that some of the contracts may be renewed.
However, many Satyamites feel that HR policies Tech Mahindra and Satyam are different.
Rajesh, an employee at Satyam, is worried about cultural differences among the companies.
Varun Podalala, convenor, Satyam Freshers Union, said, “We are worried about the offer letters issued by Satyam; we are clueless whether they will be honoured by Tech Mahindra,” he said.
About 10,000 students from various colleges were given offer letters before the scandal broke out.
Ravi, who is on the bench of Satyam, said, “We are not sure if we will be absorbed by Satyam or Tech Mahindra.”
Employees at Satyam’s headquarters in Hyderabad sported a festive mood on Monday. Anita, who has been with the company for the last three years, said, “This is the greatest relief I have got in my career.” There is reason for her rejoice, as her project, which is related to ERP business, was nearing completion and there was no sign of its extension. With Monday’s news, she is hopeful that some of the contracts may be renewed.
However, many Satyamites feel that HR policies Tech Mahindra and Satyam are different.
Rajesh, an employee at Satyam, is worried about cultural differences among the companies.
Varun Podalala, convenor, Satyam Freshers Union, said, “We are worried about the offer letters issued by Satyam; we are clueless whether they will be honoured by Tech Mahindra,” he said.
About 10,000 students from various colleges were given offer letters before the scandal broke out.
Ravi, who is on the bench of Satyam, said, “We are not sure if we will be absorbed by Satyam or Tech Mahindra.”
Commodity trade up 29% at Rs 52.49 lakh crore
Indian commodity futures trade rose 29.09% to Rs 52.49 lakh crore during financial year 2009, a director with the Forward Markets Commission (FMC) said on Thursday.
The Multi-Commodity Exchange of India dominated the space during the year with 87.41% of trade, a rise from their earlier share of 76.88% .
The National Commodity and Derivatives Exchange accounted for 10.21% of trade, lower than previous share of 19.08%.
The National Multi-Commodity Exchange had 1.17% of trade up from 0.63%.
Forward Markets Commission chairman BC Khatua had in September expected futures trade in the country to grow more than 40% to Rs 57 lakh crore in the year to March 2009.
India, which allowed futures trading in commodities in 2003, has one of the fastest-growing commodity futures markets with 22 commodity bourses, of which three operate at the national level.
A proposed fourth bourse may be operationalised by June.
The Multi-Commodity Exchange of India dominated the space during the year with 87.41% of trade, a rise from their earlier share of 76.88% .
The National Commodity and Derivatives Exchange accounted for 10.21% of trade, lower than previous share of 19.08%.
The National Multi-Commodity Exchange had 1.17% of trade up from 0.63%.
Forward Markets Commission chairman BC Khatua had in September expected futures trade in the country to grow more than 40% to Rs 57 lakh crore in the year to March 2009.
India, which allowed futures trading in commodities in 2003, has one of the fastest-growing commodity futures markets with 22 commodity bourses, of which three operate at the national level.
A proposed fourth bourse may be operationalised by June.
Tech mahindra buys satyam
Last monday (13-04-2009), there was a bid for buying satyam computer services and there was competition between 3 giants, L&T,Cognizant and Tech mahindra.
At noon after the bidding is over, Tech mahindra won the bid.
If it goes through, the deal will give Tech Mahindra a seat at the high table of the Indian IT services business. It will also mark the end of the uncertainty surrounding Satyam, though the firm’s legal and financial troubles are far from over.
Tech Mahindra, which provides telecom software services, made the bid through subsidiary Venturbay Consultants Pvt. Ltd and will likely spend a total of Rs2,889 crore to acquire a 51% stake in the fraud-hit Satyam. Analysts say that the company may have to immediately invest Rs1,000 crore in Satyam for operating expenses. The deal needs to be approved by the Company Law Board (CLB), the government arm that oversees the functioning of companies.
A Mahindra Group executive said money wouldn’t be a problem. “Tech Mahindra has Rs700 crore of cash available and then we have hard under-writing for the remaining amount. So, we can arrange it,” said Bharat Doshi, the group’s chief financial officer
What’s next
Satyam is expected to apply to CLB for permission to go ahead with the deal, the board’s chairman S. Balasubramanian said. The board “will take 24 hours to approve it”, he added.
Tech Mahindra, a publicly traded firm that is a joint venture between automobile firm Mahindra and Mahindra Ltd and BT Group Plc. (it owns 31% of the company), will then be given management control of Satyam after it deposits Rs1,756 crore with the company. Tech Mahindra will then have to make an open offer to acquire shares adding up to a further 20% stake in Satyam from the company’s public shareholders. If it isn’t successful in this, Satyam will issue it fresh shares to make sure it ends up with a stake of 51%.
People familiar with the matter say that Tech Mahindra has received a commitment of Rs1,500 crore from a clutch of non-banking financial companies, mutual funds and insurance companies. The remaining Rs700 crore will be raised through a short-term loan by Indian banks, they added, asking not to be identified. This loan will be repaid from the money that will be raised from PE investors, a banker familiar with the matter said, asking not to be identified.
Reuters reported that Tech Mahindra plans to raise Rs600 crore through sale of bonds to finance its Satyam buy, citing three unidentified people with knowledge of the deal.
Potential liabilities
Tech Mahindra’s chief executive Vineet Nayyar said legal liabilities of Satyam, including a case by Upaid Systems Ltd (a former Satyam client, it is locked in a dispute involving intellectual property rights and business losses with Satyam) and class action suits in connection with the accounting scandal, were considered and factored into the valuation of Satyam while arriving at the bid price of Rs58 per share. He declined to disclose his company’s estimate of the extent of Satyam’s financial liabilities from legal issues in the US.
“The legal liabilities against Satyam are estimated at $200 million. In the event of these liabilities materializing, Tech Mahindra may require further debt financing, putting more pressure on an already leveraged balance sheet,” Religare Hichens Harrison, the London-based broking arm of brokerage Religare Enterprises Ltd, said in a research note on Monday.
“We took a lot of scenarios into account and we’ve taken a very calculated risk in making this bid,” Mahindra said.
Making it work
Analysts see synergies between Satyam and Tech Mahindra. While Tech Mahindra largely works with telecom firms and gets 60% of its revenue from BT and 75% of its revenue from Europe, Satyam serves customers across businesses, including automotive. It also helps companies implement their business software and serves companies across North America and Asia.
Still, analysts say that the ongoing loss of business at Satyam could present a problem. Tech Mahindra has estimated Satyam’s revenue to fall to $1.3 billion (Rs6,500 crore), the company said on Monday.
“First priority should be ensure that there is no further attrition, either on the clients side or on the employees side,” saidAnil Advani, head of research at SBICAP Securities Ltd.
It wasn’t immediately clear whether Tech Mahindra would retain Satyam’s new board and the brand name.
“I don’t think Satyam as a brand will exist in the long run. But re-branding and marketing the new brand can be a challenging task, especially in the current tough market condition,” said Diptarup Chakraborti, principal research analyst with consulting firm Gartner.
Satyam’s chairman Kiran Karnik said it was up to the new investor to decide whether to retain the brand.
The deal would pose financial and operational challenges for Tech Mahindra, said C.S. Chandramouli, director (advisory services) at outsourcing advisory firm Zinnov Management Consulting Pvt. Ltd.
At noon after the bidding is over, Tech mahindra won the bid.
If it goes through, the deal will give Tech Mahindra a seat at the high table of the Indian IT services business. It will also mark the end of the uncertainty surrounding Satyam, though the firm’s legal and financial troubles are far from over.
Tech Mahindra, which provides telecom software services, made the bid through subsidiary Venturbay Consultants Pvt. Ltd and will likely spend a total of Rs2,889 crore to acquire a 51% stake in the fraud-hit Satyam. Analysts say that the company may have to immediately invest Rs1,000 crore in Satyam for operating expenses. The deal needs to be approved by the Company Law Board (CLB), the government arm that oversees the functioning of companies.
A Mahindra Group executive said money wouldn’t be a problem. “Tech Mahindra has Rs700 crore of cash available and then we have hard under-writing for the remaining amount. So, we can arrange it,” said Bharat Doshi, the group’s chief financial officer
What’s next
Satyam is expected to apply to CLB for permission to go ahead with the deal, the board’s chairman S. Balasubramanian said. The board “will take 24 hours to approve it”, he added.
Tech Mahindra, a publicly traded firm that is a joint venture between automobile firm Mahindra and Mahindra Ltd and BT Group Plc. (it owns 31% of the company), will then be given management control of Satyam after it deposits Rs1,756 crore with the company. Tech Mahindra will then have to make an open offer to acquire shares adding up to a further 20% stake in Satyam from the company’s public shareholders. If it isn’t successful in this, Satyam will issue it fresh shares to make sure it ends up with a stake of 51%.
People familiar with the matter say that Tech Mahindra has received a commitment of Rs1,500 crore from a clutch of non-banking financial companies, mutual funds and insurance companies. The remaining Rs700 crore will be raised through a short-term loan by Indian banks, they added, asking not to be identified. This loan will be repaid from the money that will be raised from PE investors, a banker familiar with the matter said, asking not to be identified.
Reuters reported that Tech Mahindra plans to raise Rs600 crore through sale of bonds to finance its Satyam buy, citing three unidentified people with knowledge of the deal.
Potential liabilities
Tech Mahindra’s chief executive Vineet Nayyar said legal liabilities of Satyam, including a case by Upaid Systems Ltd (a former Satyam client, it is locked in a dispute involving intellectual property rights and business losses with Satyam) and class action suits in connection with the accounting scandal, were considered and factored into the valuation of Satyam while arriving at the bid price of Rs58 per share. He declined to disclose his company’s estimate of the extent of Satyam’s financial liabilities from legal issues in the US.
“The legal liabilities against Satyam are estimated at $200 million. In the event of these liabilities materializing, Tech Mahindra may require further debt financing, putting more pressure on an already leveraged balance sheet,” Religare Hichens Harrison, the London-based broking arm of brokerage Religare Enterprises Ltd, said in a research note on Monday.
“We took a lot of scenarios into account and we’ve taken a very calculated risk in making this bid,” Mahindra said.
Making it work
Analysts see synergies between Satyam and Tech Mahindra. While Tech Mahindra largely works with telecom firms and gets 60% of its revenue from BT and 75% of its revenue from Europe, Satyam serves customers across businesses, including automotive. It also helps companies implement their business software and serves companies across North America and Asia.
Still, analysts say that the ongoing loss of business at Satyam could present a problem. Tech Mahindra has estimated Satyam’s revenue to fall to $1.3 billion (Rs6,500 crore), the company said on Monday.
“First priority should be ensure that there is no further attrition, either on the clients side or on the employees side,” saidAnil Advani, head of research at SBICAP Securities Ltd.
It wasn’t immediately clear whether Tech Mahindra would retain Satyam’s new board and the brand name.
“I don’t think Satyam as a brand will exist in the long run. But re-branding and marketing the new brand can be a challenging task, especially in the current tough market condition,” said Diptarup Chakraborti, principal research analyst with consulting firm Gartner.
Satyam’s chairman Kiran Karnik said it was up to the new investor to decide whether to retain the brand.
The deal would pose financial and operational challenges for Tech Mahindra, said C.S. Chandramouli, director (advisory services) at outsourcing advisory firm Zinnov Management Consulting Pvt. Ltd.
Monday, April 6, 2009
Welcome
Welcome to www.learnforexandtrading.com, the only resource you will need to start in the world of foreign exchange trading. This website features tutorials and video tutorials to help you get started and resources such as software, forums and trading firms that have been personally tested. The tutorials are meant to give the most basic investor insight in how the forex market works. These range from basic trading techniques, technical analysis, fundamental analysis, to the types of risk and money management needed to become a successful trader. You can also open up a demo account and apply the lessons we have given you to the real time forex market.
Forex News- a source of Forex related news that can help you understand the current fundamental state of affairs in the foreign exchange market. You will find latest important economical and political news that affect the currencies, interest rates and Forex trading in general. The interest rate table for 20 different central banks (currencies) is also available, allowing you to find not only current interest rates, but also the past rates and decisions on them. var width='345'; var height='345'; var pair="EUR/USD"; var period='2'; var profile='CMSForexWebCharts1';
Forex News- a source of Forex related news that can help you understand the current fundamental state of affairs in the foreign exchange market. You will find latest important economical and political news that affect the currencies, interest rates and Forex trading in general. The interest rate table for 20 different central banks (currencies) is also available, allowing you to find not only current interest rates, but also the past rates and decisions on them. var width='345'; var height='345'; var pair="EUR/USD"; var period='2'; var profile='CMSForexWebCharts1';
privacy Policy
Privacy Policy for www.learnforexandtrading.com
If you require any more information or have any questions about our privacy policy, please feel free to contact us by email at prathmeshtech@gmail.com.
At www.learnforexandtrading.com, the privacy of our visitors is of extreme importance to us. This privacy policy document outlines the types of personal
information is received and collected by www.learnforexandtrading.com and how it is used.
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browsers. They automatically receive your IP address when this occurs. Other technologies ( such as cookies, JavaScript, or Web Beacons ) may also be used by
the third-party ad networks to measure the effectiveness of their advertisements and / or to personalize the advertising content that you see.
www.learnforexandtrading.com has no access to or control over these cookies that are used by third-party advertisers.
You should consult the respective privacy policies of these third-party ad servers for more detailed information on their practices as well as for
instructions about how to opt-out of certain practices. www.learnforexandtrading.com's privacy policy does not apply to, and we cannot control the activities
of, such other advertisers or web sites.
If you wish to disable cookies, you may do so through your individual browser options. More detailed information about cookie management with specific web
browsers can be found at the browsers' respective websites.
If you require any more information or have any questions about our privacy policy, please feel free to contact us by email at prathmeshtech@gmail.com.
At www.learnforexandtrading.com, the privacy of our visitors is of extreme importance to us. This privacy policy document outlines the types of personal
information is received and collected by www.learnforexandtrading.com and how it is used.
Log Files
Like many other Web sites, www.learnforexandtrading.com makes use of log files. The information inside the log files includes internet protocol ( IP )
addresses, type of browser, Internet Service Provider ( ISP ), date/time stamp, referring/exit pages, and number of clicks to analyze trends, administer the
site, track user’s movement around the site, and gather demographic information. IP addresses, and other such information are not linked to any information
that is personally identifiable.
Cookies and Web Beacons
www.learnforexandtrading.com does use cookies to store information about visitors preferences, record user-specific information on which pages the user
access or visit, customize Web page content based on visitors browser type or other information that the visitor sends via their browser.
DoubleClick DART Cookie
.:: Google, as a third party vendor, uses cookies to serve ads on your site.
.:: Google's use of the DART cookie enables it to serve ads to your users based on their visit to your sites and other sites on the Internet.
.:: Users may opt out of the use of the DART cookie by visiting the Google ad and content network privacy policy at the following URL -
http://www.google.com/privacy_ads.html
Some of our advertising partners may use cookies and web beacons on our site. Our advertising partners include .......
Google Adsense
These third-party ad servers or ad networks use technology to the advertisements and links that appear on www.learnforexandtrading.com send directly to your
browsers. They automatically receive your IP address when this occurs. Other technologies ( such as cookies, JavaScript, or Web Beacons ) may also be used by
the third-party ad networks to measure the effectiveness of their advertisements and / or to personalize the advertising content that you see.
www.learnforexandtrading.com has no access to or control over these cookies that are used by third-party advertisers.
You should consult the respective privacy policies of these third-party ad servers for more detailed information on their practices as well as for
instructions about how to opt-out of certain practices. www.learnforexandtrading.com's privacy policy does not apply to, and we cannot control the activities
of, such other advertisers or web sites.
If you wish to disable cookies, you may do so through your individual browser options. More detailed information about cookie management with specific web
browsers can be found at the browsers' respective websites.
Sunday, March 29, 2009
International Programme On Financial Markets
OBJECTIVE
To equip the market professionals with a broad overview of the International Financial Markets, providing a rich blend of training in International Financial Markets. The training is conducted at leading international financial centers. It will help the participants in understanding the emerging opportunities for business growth, product development, technology, innovations and regulatory practices.
PROGRAMME CONTENTS:
Through a mix of lectures, presentations and interactions.
Institutional network through various visits that the participants would attend during the course of the programme include:
* Functioning of Financial Markets
* Securities exchange commission/financial service authorities
* Stock exchanges, investment banks
* Commercial and development banks
* Product segments in stocks, derivatives, commodities and debt
* Consular offices/embassies of India to know expectations from domestic firms
TARGET AUDIENCE:
Capital Market Intermediaries, Banks, Financial Institutions, Investment Bankers, Mutual Funds, Broking Houses, Corporates and other Financial Services
VENUE:
Four major financial centres in Asia: HONG KONG - SINGAPORE - MALAYSIA - BANGKOK
DATES:
28 February to 13 March 2009 (12 Nights & 13 Days)
FEES:
Rs. 3, 25,000.00 + 10.30% Service Tax
(Inclusive of return airfare in Economy class, Visa Cost, Hotel accommodation - single room basis, Indian dinners, local transport and visits to institutions abroad.)
PROGRAMME COORDINATORS
Vispi Rusi Bhathena
Roy Aranha
E-mail: training@bseindia.com
Fax: 0091 22 22723250
To equip the market professionals with a broad overview of the International Financial Markets, providing a rich blend of training in International Financial Markets. The training is conducted at leading international financial centers. It will help the participants in understanding the emerging opportunities for business growth, product development, technology, innovations and regulatory practices.
PROGRAMME CONTENTS:
Through a mix of lectures, presentations and interactions.
Institutional network through various visits that the participants would attend during the course of the programme include:
* Functioning of Financial Markets
* Securities exchange commission/financial service authorities
* Stock exchanges, investment banks
* Commercial and development banks
* Product segments in stocks, derivatives, commodities and debt
* Consular offices/embassies of India to know expectations from domestic firms
TARGET AUDIENCE:
Capital Market Intermediaries, Banks, Financial Institutions, Investment Bankers, Mutual Funds, Broking Houses, Corporates and other Financial Services
VENUE:
Four major financial centres in Asia: HONG KONG - SINGAPORE - MALAYSIA - BANGKOK
DATES:
28 February to 13 March 2009 (12 Nights & 13 Days)
FEES:
Rs. 3, 25,000.00 + 10.30% Service Tax
(Inclusive of return airfare in Economy class, Visa Cost, Hotel accommodation - single room basis, Indian dinners, local transport and visits to institutions abroad.)
PROGRAMME COORDINATORS
Vispi Rusi Bhathena
Roy Aranha
E-mail: training@bseindia.com
Fax: 0091 22 22723250
New Deposit Based Memberships of BSE
Terms and Conditions:
Bombay Stock Exchange Ltd. ( BSE) is admitting Deposit Based Memberships (Trading Memberships) on its "Cash Segment".. BSE invites applications from all over the country against a deposit of Rs. 100,00,000 (Rupees One hundred lakhs only). The successful applicants would also be subsequently eligible for F & O Trading Membership (applications to be made separately for the same).
Persons desirous to apply for Trading Membership of the "Cash Segment" of BSE may send their applications in writing in a sealed envelop marked "Offer for Deposit Based Membership" and addressed to the Managing Director & CEO, Bombay Stock Exchange Limited, 25th Floor, P.J. Towers, Dalal Street, Mumbai 400 001.
The applicants must note the following terms and conditions:
1. The Trading Member has only trading rights and no ownership rights of BSE Ltd.
2. The applications should be complete in the prescribed formats and in all respects.
3. The specimen of the application form as well as the other material including the terms and conditions and salient features of the Trading Membership are available with the Publications Department on Ground Floor of BSE or can be downloaded from the BSE website. www.bseindia.com/dbm.asp . The Rules, Bye-Laws & Regulations of BSE can also be downloaded from the web site http://www.bseindia.com/about/downloads.asp .
4. The application form in the prescribed format, complete in all respects should be accompanied by a Demand Draft/Pay Order for Rs. 5 lakhs (Rupees Five lakhs only) drawn in favor of "Bombay Stock Exchange Limited" towards earnest money deposit on which no interest will be payable.
5. The earnest money deposit of Rs. 5 lakhs (Rupees Five lakhs only) will be refunded (without interest) to the unsuccessful applicants.
6. Applications can be made by individuals and corporates who are eligible to become a Trading Member of BSE in accordance with the Rules, Bye-Laws & Regulations of BSE and subject to such terms and conditions as decided by BSE from time to time.
7. The successful applicants whose offers are accepted by BSE will be required to pay the balance amount of the deposit within two months from the date of receipt of the letter of acceptance of offer of the person / corporate for Trading Membership of BSE .
8. BSE will be entitled, at its sole discretion, to forfeit the Earnest Money Deposit, if the successful applicants fail to pay the balance amount within the stipulated time. The Earnest Money Deposit of Rs. 5 lakhs (Rupees Five lakhs only) is also liable to be forfeited by BSE , at its sole discretion, if the successful candidate fails to complete the necessary formalities to the satisfaction of BSE within the stipulated time.
9. The deposit of the Trading Members will be subject to a Lock - in period of three years. Any Trading Member desiring to withdraw his Trading Membership after such lock in period of three years or at any point thereafter will have to give a one-year notice to that effect to BSE.
10. In addition to the aforesaid amount of Rs.100 lakhs (interest-free deposit), the Trading Member has to pay the following amounts:
1. Base minimum Capital - Rs.10,00,000
2. Trade Guarantee Fund - Rs.10,00,000
3. Admission Fees (non-refundable) - Rs. 2,50,000/- + Service Tax (As applicable)
4. Broker Contingency Fund (non-refundable) - Rs. 2,50,000/- + Service Tax (As applicable)
5. Annual Subscription - 7000/- + Service tax (As applicable)
6. Initial Contribution towards TGF - 10000/- + Service Tax (As applicable)
7. Any other amount so required by BSE Ltd.
11. BSE will be entitled to accept the applications for Deposit Based Membership on such parameters and criteria as may be decided by BSE from time to time.
12. BSE reserves the right to reject any application without assigning any reason whatsoever.
13. The decision of BSE will be final and binding in all respects.
14. Applicants will have to ensure that the Designated Directors of the applicant company are not whole time director or in full time employment in any other company.
For any further information/clarification, interested applicants are requested to contact the following officials in Business Development and Marketing Department of BSE:
1. Mayuresh Samant: 22721233/4 Ext. 8355
E-mail: mayuresh.samant@bseindia.com
2. Manthan B. Desai: 22721233/4 Ext. 8890
E-mail: manthan.desai@bseindia.com
Information on Deposit Based Membership is also available at following BSE Investor Service Centres :
1] Kolkata : 033-22130530
2] New Delhi : 011-41510481
3] Ahmedabad : 079-27540445
4] Rajkot : 0281-5595542
5] Chennai : 044-42163999
6] Cochin : 0484-2405275
Bombay Stock Exchange Ltd. ( BSE) is admitting Deposit Based Memberships (Trading Memberships) on its "Cash Segment".. BSE invites applications from all over the country against a deposit of Rs. 100,00,000 (Rupees One hundred lakhs only). The successful applicants would also be subsequently eligible for F & O Trading Membership (applications to be made separately for the same).
Persons desirous to apply for Trading Membership of the "Cash Segment" of BSE may send their applications in writing in a sealed envelop marked "Offer for Deposit Based Membership" and addressed to the Managing Director & CEO, Bombay Stock Exchange Limited, 25th Floor, P.J. Towers, Dalal Street, Mumbai 400 001.
The applicants must note the following terms and conditions:
1. The Trading Member has only trading rights and no ownership rights of BSE Ltd.
2. The applications should be complete in the prescribed formats and in all respects.
3. The specimen of the application form as well as the other material including the terms and conditions and salient features of the Trading Membership are available with the Publications Department on Ground Floor of BSE or can be downloaded from the BSE website. www.bseindia.com/dbm.asp . The Rules, Bye-Laws & Regulations of BSE can also be downloaded from the web site http://www.bseindia.com/about/downloads.asp .
4. The application form in the prescribed format, complete in all respects should be accompanied by a Demand Draft/Pay Order for Rs. 5 lakhs (Rupees Five lakhs only) drawn in favor of "Bombay Stock Exchange Limited" towards earnest money deposit on which no interest will be payable.
5. The earnest money deposit of Rs. 5 lakhs (Rupees Five lakhs only) will be refunded (without interest) to the unsuccessful applicants.
6. Applications can be made by individuals and corporates who are eligible to become a Trading Member of BSE in accordance with the Rules, Bye-Laws & Regulations of BSE and subject to such terms and conditions as decided by BSE from time to time.
7. The successful applicants whose offers are accepted by BSE will be required to pay the balance amount of the deposit within two months from the date of receipt of the letter of acceptance of offer of the person / corporate for Trading Membership of BSE .
8. BSE will be entitled, at its sole discretion, to forfeit the Earnest Money Deposit, if the successful applicants fail to pay the balance amount within the stipulated time. The Earnest Money Deposit of Rs. 5 lakhs (Rupees Five lakhs only) is also liable to be forfeited by BSE , at its sole discretion, if the successful candidate fails to complete the necessary formalities to the satisfaction of BSE within the stipulated time.
9. The deposit of the Trading Members will be subject to a Lock - in period of three years. Any Trading Member desiring to withdraw his Trading Membership after such lock in period of three years or at any point thereafter will have to give a one-year notice to that effect to BSE.
10. In addition to the aforesaid amount of Rs.100 lakhs (interest-free deposit), the Trading Member has to pay the following amounts:
1. Base minimum Capital - Rs.10,00,000
2. Trade Guarantee Fund - Rs.10,00,000
3. Admission Fees (non-refundable) - Rs. 2,50,000/- + Service Tax (As applicable)
4. Broker Contingency Fund (non-refundable) - Rs. 2,50,000/- + Service Tax (As applicable)
5. Annual Subscription - 7000/- + Service tax (As applicable)
6. Initial Contribution towards TGF - 10000/- + Service Tax (As applicable)
7. Any other amount so required by BSE Ltd.
11. BSE will be entitled to accept the applications for Deposit Based Membership on such parameters and criteria as may be decided by BSE from time to time.
12. BSE reserves the right to reject any application without assigning any reason whatsoever.
13. The decision of BSE will be final and binding in all respects.
14. Applicants will have to ensure that the Designated Directors of the applicant company are not whole time director or in full time employment in any other company.
For any further information/clarification, interested applicants are requested to contact the following officials in Business Development and Marketing Department of BSE:
1. Mayuresh Samant: 22721233/4 Ext. 8355
E-mail: mayuresh.samant@bseindia.com
2. Manthan B. Desai: 22721233/4 Ext. 8890
E-mail: manthan.desai@bseindia.com
Information on Deposit Based Membership is also available at following BSE Investor Service Centres :
1] Kolkata : 033-22130530
2] New Delhi : 011-41510481
3] Ahmedabad : 079-27540445
4] Rajkot : 0281-5595542
5] Chennai : 044-42163999
6] Cochin : 0484-2405275
BSE launches new Internet Trading Portal
BSE has launched new Internet Trading Portal -- BSE Webx with three products viz., Eazy, Classic and Premium. Members can provide any one or all of them to their clients for smooth trading through Internet.
1. BSEWebx Eazy
This trading product offers the following features
1. Investors can view Online quotes, market depth, indices, and company related announcements on scrips.
2. The Investors can place orders, track the status of orders placed and confirmations on trade execution and view their Net/Margin positions.
2. BSEWebx Classic
This is the high end product from the BSEWebx stable offers the following
1. Investors can create his own portfolio of scrips
2. Investors can view portfolio of scrips in the market watch online.
3. The Investors can place orders, track the status of orders placed and receive confirmations on trade execution and view their Net/Margin positions.
3. BSEWebx Premium
This is the advanced product from the BSEWebx system which includes the following features
1. Investors can create multiple portfolios of scrips for market watch.
2. Investors can view multiple market watches (upto - 3) at a time
3. Charting of Scrips i.e. intra-day/EOD/historical are available to Investors
4. The Investors can place orders, track the status of orders placed and receive confirmations on trade execution and view their Net/Margin positions.
1. BSEWebx Eazy
This trading product offers the following features
1. Investors can view Online quotes, market depth, indices, and company related announcements on scrips.
2. The Investors can place orders, track the status of orders placed and confirmations on trade execution and view their Net/Margin positions.
2. BSEWebx Classic
This is the high end product from the BSEWebx stable offers the following
1. Investors can create his own portfolio of scrips
2. Investors can view portfolio of scrips in the market watch online.
3. The Investors can place orders, track the status of orders placed and receive confirmations on trade execution and view their Net/Margin positions.
3. BSEWebx Premium
This is the advanced product from the BSEWebx system which includes the following features
1. Investors can create multiple portfolios of scrips for market watch.
2. Investors can view multiple market watches (upto - 3) at a time
3. Charting of Scrips i.e. intra-day/EOD/historical are available to Investors
4. The Investors can place orders, track the status of orders placed and receive confirmations on trade execution and view their Net/Margin positions.
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