Customer Perception Regards Mutual Funds

8/3/2019 Customer Perception Regards Mutual Funds

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]\CCL_ R_NAIAIH _LPK_R KI

M|}rkcl Plmlpraki _lhnbaih C|r|ng E|ib}

]|ocarrlb rk P|ijno Rlmdiamng \iaul}arq ai pnrang e|geaggclir ke rdl

l~|alclir} ek rdl blhll ke

ONMDLGK_ KE O\]AIL]] NBCAIA]R_NRAKI

Oq

NNZNC NOBNG

4>0>0=?000>

]N] AI]RAR\RL KE AIEK_CNRAKI RLMDIKGKHQ %

_L]LN_MD)

CKDNGA

?0>0


2/56

NMFIKXGLBHLCLIR

Oldaib lulrq nmdalulcli gal} ni |iendkcnogl }ln ke hrna|bl k dk}l xdk dnul

ltliblb dlar }|ppkr nib xadk| xdkc a xk|gb ilulr dnul mkcl aik lta}liml) Rk

dlc A }nq cq xkrb} ke hrna|bl)

$NNZNC NOBNG!


3/56

P_LENML

Rdl prkjlm aimg|bl} dl }|bq ke M\]RKCL_ PL_MLPRAKI _LHN_BAIH

C\R\NG E\IB])

$NNZNC NOBNG!


4/56

BLMGN_NRAKI

A dl |iblr}ahilb dlrloq blmgnrl dn dl prkjlm rlpkr liaglb M\]RKCL_

PL_MLPRAKI _LHN_BAIH C\R\NG E\IB] a} mkcpaglb nib }|ocalb oq cl ai

cq krahaing xkrf) Rdl eaibaih} ai dl rlpkr nrl on}lb ki dl bnn mkgglmlb mn}l} }|balb

oq cl xdagl prlpnraih da} rlpkr) A dnul ik mkpalb bnn erkc niq prluak|} rlpkr)

$NNZNC NOBNG!


5/56

RNOGL KE MKIRLIR]

])ik) Rkpam Pnhl Ik)

> Aib|}rq Prkeagl

? _lualx Ke Galrn|rl

= Kojlmaul} Ke Rdl ]|bq

2 _l}lnrmd Cldkbkgkhq< Gacanaki} Ke Rdl ]|bq

5 Ningq}a}

8 Eaibaih} Nib Mkimg|}aki}

4 ]|hhl}aki}

1 Oaogkhrnpdq

>0 Niilt|rl

GA]R KE RNOGL]

])ik) Rnogl Ik) Rnogl Incl Pnhl Ik)


6/56

GA]R KE EAH\_L]

])ik) Eah|l Ik) Eah|l Incl Pnhl Ik)


7/56

LTLM\RAUL ]\CCN_Q

Rdl }r|m|rng mdnihl} nib aiikunaki} kkf pgnml ai Aibani eainimang }q}lc b|raih

lahdal} nib iailal}) Rdl aimkcl glulg ke |roni nib cabbgl mgn}} plkpgl a} aimrln}aih

nib dl}l plkpgl nrl }nuaih n pnr ke dlar aimkcl k aiul} ai prkeanogl nib }nel nuli|l})

Hlilrnggq plkpgl cat onif blpk}a} nib aiul}cli} xad lnmd kdlr) O| dlrl a}

baeelrliml ai dl}l lrc}) Rdl ckilq' xdamd a} blpk}alb ai dl onif}' lnri} ailrl}) A

cnq ol ai dl ekrc ke eatlb blpk}a}' }nuaih lm nib dlrl a} ik niq qpl ke ra}f) O|

aiul}kr} nfl ra}f} k lnri prkea}) Ae dl ra}f a} dahd' dl rl|ri xagg ng}k ol dahd nib uaml

ulr}n) ]k aiul}cli} lnri} prkea} dnuaih ra}f) C||ng e|ib} keelr hkkb aiul}cli

kppkr|iaal} k aiul}kr} mnrral} baeelrli qpl} ke ra}f} ekr baeelrli qpl} ke m|}kclr}

dnuaih baeelrli plrmlpaki kxnrb} ra}f nib rl|ri} erkc dlar aiul}cli)

Rdl eaibaih} ke }|bq nrl dn plkpgl prlelr k aiul} ckrl ai c||ng e|ib} b|l k hkkb

rl|ri} nib olmn|}l ke hlaih hkkb rl|ri} dlar mkieabliml glulg ai c||ng e|ib}

aiul}cli dn} aimrln}lb) ]k ck} ke dl plkpgl xni k aiul} ckrl ai c||ng e|ib} aie||rl)


8/56

MDNPRL_ >

>)> AIB\]R_Q P_KEAGL

Airkb|mraki

Baeelrli aiul}cli nuli|l} nrl nunagnogl k aiul}kr}) C||ng e|ib} ng}k keelr hkkb

aiul}cli kppkr|iaal} k dl aiul}kr}) Gafl ngg aiul}cli}' dlq ng}k mnrrq mlrnai

ra}f}) Rdl aiul}kr} }dk|gb mkcpnrl dl ra}f} nib ltplmlb qalgb} nelr nbj|}cli ke nt

ki unrak|} ai}r|cli} xdagl nfaih aiul}cli blma}aki}) Rdl aiul}kr} cnq }llf nbuaml

erkc ltplr} nib mki}|gni} aimg|baih nhli} nib ba}rao|kr} ke c||ng e|ib} }mdlcl}

xdagl cnfaih aiul}cli blma}aki})

C\R\NG E\IB]

N C||ng E|ib a} n r|} dn pkkg} dl }nuaih} ke n i|colr ke aiul}kr} xdk }dnrl n

mkccki eainimang hkng) Rdl ckilq d|} mkgglmlb a} aiul}lb oq dl e|ib cninhlr ai

baeelrli qpl} ke }lm|raal} blplibaih |pki dl kojlmaul ke dl }mdlcl) Rdl}l mk|gb

rnihl erkc }dnrl} k bloli|rl} k ckilq cnrfl ai}r|cli})

Rdl aimkcl lnrilb drk|hd dl}l aiul}cli} nib dl mnpang npprlmanaki rlngazlb oq dl

}mdlcl a} }dnrlb oq a} |ia dkgblr} ai prkpkraki k dl i|colr ke |ia} kxilb oq dlc)

Rd|} n C||ng E|ib a} dl ck} }|anogl aiul}cli ekr dl mkccki cni n} a keelr} ni

kppkr|iaq k aiul} ai n baulr}aealb' prkel}}akinggq cninhlb pkrekgak n n rlgnaulgq gkx


9/56

mk}) Rdl }cngg }nuaih} ke ngg dl aiul}kr} nrl p| khldlr k aimrln}l dl o|qaih pkxlr

nib darl n prkel}}aking cninhlr k aiul} nib ckiakr dl ckilq) Lnmd C||ng E|ib

}mdlcl dn} n bleailb aiul}cli kojlmaul nib }rnlhq)

C|r|ng E|ib}#Aiul}rclir Kojlmraul}:

Prl}lrunaki ke Mnpang % Ga~|abaq##Nmdalulb oq aiul}aih ai ulrq }dkr#lrc okib}

Aimkcl##Nmdalulb oq aiul}aih ai okib}

Ongnimlb##Nmdalulb oq aiul}aih ai okib} nib }kmf}

Hrkxd##Nmdalulb oq aiul}aih ai }kmf}

ACPK_RNIR RL_CAIKGKHQ

Ilr N}}lr Ung|l $INU!

Il N}}l Ung|l $INU! a} dl cnrfl ung|l plr |ia) A a} dl nm|ng ung|l ke kil |ia ke n

hauli }mdlcl ki niq hauli o|}ail}} bnq) Rdl INU rleglm} dl ga~|abnaki ung|l ke dl

e|ib(} aiul}cli} ki dn pnram|gnr bnq nelr nmmk|iaih ekr ngg ltpli}l}) A a} mngm|gnlb

oq blb|maih ngg ganoagaal} $ltmlp |ia mnpang! ke dl e|ib erkc dl rlngaznogl ung|l ke ngg

n}}l} nib bauabaih a oq i|colr ke |ia} k|}nibaih)

N}}lr Cninhlclir Mkcpniq $NCM!

Ni N}}l Cninhlcli Mkcpniq kr NCM a} dl aiul}cli cninhlr ke dl rl}plmaul

r|}' xdamd a} liaglb k aiul} ai baeelrli }lm|raal} ki oldnge ke |ia dkgblr}' ai gail

xad dl kojlmaul} ke rl}plmaul }mdlcl})

Gknb

Rdl mdnrhl mkgglmlb oq n C||ng E|ib erkc ni aiul}kr ekr }lggaih dl |ia} kr aiul}aih

ai a)


10/56

Lirq gknb: Xdli n mdnrhl a} mkgglmlb n dl acl ke lilraih aik dl }mdlcl a a} mngglb

ni Lirq gknb kr Erki#lib gknb kr ]ngl} gknb) Rdl lirq gknb plrmlinhl a} nbblb k dl

INU n dl acl ke nggkcli ke |ia})

Ltar gknb: Ni Lta gknb kr Onmf#lib gknb kr _lp|rmdn}l gknb a} n mdnrhl dn a} mkgglmlb

n dl acl ke rlbllcaih kr ekr rni}elr olxlli }mdlcl} $}xamd!) Rdl lta gknb

plrmlinhl a} blb|mlb erkc dl INU n dl acl ke rlblcpaki kr rni}elr olxlli

}mdlcl})

]q}rlcnram Aiul}rclir Pgni

]q}lcnam Aiul}cli Pgni a} ikrcnggq keelrlb oq cniq kpli#liblb c||ng e|ib} ai

krblr k limk|rnhl rlh|gnr aiul}cli}) Rda} pgni nggkx} ni aiul}kr k p|rmdn}l

nbbaaking |ia} ke dl ]mdlcl oq aiul}aih eatlb nck|i ke r|pll} lulrq ckid+~|nrlr)

Rdl oln|q ke dl pgni a} dn n} dl cnrfl engg} dl i|colr ke |ia} p|rmdn}lb oq dl

aiul}kr aimrln}l} n} dl p|rmdn}l} nrl gaiflb k dl INU) Rda} mkimlp a} mngglb _|pll

Mk} Nulrnhaih) _|pll Mk} Nulrnhaih bkl} ik h|nrnill n prkea kr prklm nhnai} n

gk}}) _|pll Mk} Nulrnhaih mni }ckkd k| dl cnrfl(} |p} nib bkxi} nib rlb|ml dl

ra}f ke aiul}aih ai ukgnagl cnrfl})

]q}rlcnram Xardbnxng Pgni

Rdl |ia dkgblr cnq }l |p n ]q}lcnam Xadbrnxng Pgni ki n ckidgq' ~|nrlrgq kr

}lca#nii|ng kr nii|ng on}a} k rlbllc n eatlb i|colr ke |ia}

Paml+Lniaih} _nrak

Noorluanlb n} P+L _nak kr P+L) ]kclacl} rlelrrlb k n} dl /c|gapgl)/ Mngm|gnlb oq

bauabaih dl }kmf(} m|rrli praml oq dl mkcpniq(} m|rrli nii|ng lnriaih} plr }dnrl'

|}|nggq erkc dl gn} ek|r ~|nrlr} $fikxi n} dl Rrnagaih P+L _nak!' o| }kclacl} erkc

dl l}acnl} ke dl lnriaih} ltplmlb ai dl ilt ek|r ~|nrlr} $dl Prkjlmlb P+L rnak!'

kr erkc dl }|c ke dl gn} xk nm|ng ~|nrlr} nib dl l}acnl} ke dl ilt xk ~|nrlr})

Ai nib ke a}lge' dl P+L _nak lgg} ulrq gagl' o| mni ol |}le|ggq mkcpnrlb k dl P+L

_nak} ke kdlr mkcpnial} ai dl }ncl aib|}rq' kr k dl cnrfl ai hlilrng' kr k dl

mkcpniq(} kxi da}kramng P+L _nak}' ai krblr k bllrcail dkx c|md dl cnrfl a}

m|rrligq xaggaih k pnq ekr n }dnrl ke dl mkcpniq(} lnriaih})


11/56

RQPL] KE C\R\NG E\IB

Rdlrl nrl xabl unralal} ke C||ng E|ib }mdlcl} dn mnlr k aiul}kr illb}' xdnlulr

dl nhl' eainimang pk}aaki' ra}f kglrniml nib rl|ri ltplmnaki}) Rdl c||ng e|ib

}mdlcl} mni ol mgn}}aealb nmmkrbaih k okd dlar aiul}cli kojlmaul $gafl aimkcl'

hrkxd' nt }nuaih! n} xlgg n} dl i|colr ke |ia} $ae dl}l nrl |igacalb dli dl e|ib a}

ni kpli#liblb kil xdagl ae dlrl nrl gacalb |ia} dli dl e|ib a} mgk}l#liblb!)

MGN]]AEAMNRAKI NMMK_BAIH RK MNPARNGAZNRAKI

KOJLMRAUL:

A) Kpli liblb nib mgk}l} liblb e|ib}

Kpli#liblb E|ib}

Ni kpli#lib e|ib a} kil dn dn} |ia} nunagnogl ekr }ngl nib rlp|rmdn}l n ngg dl acl} n

n praml on}lb ki dl INU plr |ia hlilrnggq mngm|gnlb ki lulrq o|}ail}} bnq) ]|md e|ib}

nrl kpli ekr }|o}mrapaki dl xdkgl qlnr) Rdl}l }mdlcl} dnul |igacalb mnpangaznaki'

kpli#liblb }mdlcl} bk ik dnul n eatlb cn|raq # a)l) dlrl a} ik mnp ki dl nck|i qk|

mni o|q erkc dl e|ib nib dl |ia mnpang mni fllp hrkxaih) Rdl}l e|ib} nrl ik

hlilrnggq ga}lb ki niq ltmdnihl)

Kpli#liblb e|ib} nrl oraihaih ai n rluaung ke dl c||ng e|ib aib|}rq kxaih k

aimrln}lb ga~|abaq' rni}pnrlimq nib plrekrcniml ai dl ilx kpli#liblb e|ib} prkcklb

oq dl praunl }lmkr nib ekrlahi pgnqlr}) Kpli#liblb e|ib} }mkrl kulr mgk}l#liblb kil}

ki }lulrng mk|i}) ]kcl ke dl}l nrl ga}lb olgkx:


12/56

n! Niq acl lta kpaki : Rdl a}}|aih mkcpniq barlmgq nfl} dl rl}pki}aoagaq ke

prkuabaih ni lirq nib ni lta) Rda} prkuabl} rlnbq ga~|abaq k dl aiul}kr} nib nukab}

rlganiml ki rni}elr bllb}' }ahin|rl ulraeamnaki} nib onb blgaulral})

o! Rnt nbuninhl : Rdk|hd O|bhl ?002 prkpk}ng} liua}nhl n nt rnl ke ?0)1>,

$Mkrpkrnl aiul}kr}! nib >=)0548


13/56

Eatlb#Aimkcl e|ib} aiul} ai hkulricli kr mkrpkrnl }lm|raal} dn keelr eatlb rnl} ke

rl|ri)

Ongnimlb E|ib} aiul} ai n mkcoainaki ke okd }kmf} nib okib})

A! H_KXRD E\IB]

Rdl}l e|ib} }llf k prkuabl hrkxd ke mnpang xad }lmkibnrq lcpdn}a} ki bauablib)

Rdlq aiul} ai }dnrl} xad n pkliang ekr hrkxd nib mnpang npprlmanaki) Olmn|}l dlq

aiul} ai xlgg#l}noga}dlb mkcpnial} xdlrl dl mkcpniq a}lge nib dl aib|}rq ai xdamd

a kplrnl} nrl dk|hd k dnul hkkb gkih#lrc hrkxd pkliang' hrkxd e|ib} prkuabl

gkx m|rrli aimkcl) Hrkxd e|ib} hlilrnggq aim|r dahdlr ra}f} dni aimkcl e|ib} ai ni

leekr k }lm|rl ckrl prkik|imlb hrkxd)

Rdl}l e|ib} cnq aiul} ai n orknb rnihl ke aib|}ral} kr mkimlirnl ki kil kr ckrl

aib|}rq }lmkr}) Hrkxd e|ib} nrl }|anogl ekr aiul}kr} xdk mni neekrb k n}}|cl dl

ra}f ke pkliang gk}} ai ung|l ke dlar aiul}cli ai dl dkpl ke nmdaluaih }|o}niang nib

rnpab hnai})

Rdlq nrl ik }|anogl ekr aiul}kr} xdk c|} mki}lrul dlar praimapng kr xdk c|}

cntacazl m|rrli aimkcl)

AA! H_KXRD NIB AIMKCL E\IB]

Hrkxd nib aimkcl e|ib} }llf gkih#lrc hrkxd ke mnpang n} xlgg n} m|rrli aimkcl)

Rdl aiul}cli }rnlhal} |}lb k rlnmd dl}l hkng} unrq nckih e|ib}) ]kcl aiul} ai n

b|ng pkrekgak mki}a}aih ke hrkxd }kmf} nib aimkcl }kmf}' kr n mkcoainaki ke hrkxd

}kmf}' }kmf} pnqaih dahd bauablib}' prlelrrlb }kmf}' mkiulraogl }lm|raal} kr eatlb#

aimkcl }lm|raal} }|md n} mkrpkrnl okib} nib ckilq cnrfl ai}r|cli}) Kdlr} cnq

aiul} ai hrkxd }kmf} nib lnri m|rrli aimkcl oq }lggaih mkulrlb mngg kpaki} ki dlar

pkrekgak }kmf})

Hrkxd nib aimkcl e|ib} dnul gkx k ckblrnl }noagaq ke praimapng nib ckblrnl

pkliang ekr m|rrli aimkcl nib hrkxd) Rdlq nrl }|anogl ekr aiul}kr} xdk mni n}}|cl

}kcl ra}f k nmdalul hrkxd ke mnpang o| xdk ng}k xni k cnainai n ckblrnl glulg ke

m|rrli aimkcl)

AAA! EATLB#AIMKCL E\IB]


14/56

Rdl hkng ke eatlb aimkcl e|ib} a} k prkuabl m|rrli aimkcl mki}a}li xad dl

prl}lrunaki ke mnpang)

Rdl}l e|ib} aiul} ai mkrpkrnl okib} kr hkulricli#onmflb ckrhnhl }lm|raal} dn

dnul n eatlb rnl ke rl|ri) Xadai dl eatlb#aimkcl mnlhkrq' e|ib} unrq hrlngq ai dlar

}noagaq ke praimapng nib ai dlar bauablib qalgb}) Dahd#qalgb e|ib}' xdamd }llf k

cntacazl qalgb oq aiul}aih ai gkxlr#rnlb okib} ke gkihlr cn|raal}' linag gl}} }noagaq

ke praimapng dni eatlb#aimkcl e|ib} dn aiul} ai dahdlr#rnlb o| gkxlr#qalgbaih

}lm|raal})

]kcl eatlb#aimkcl e|ib} }llf k caiacazl ra}f oq aiul}aih ltmg|}aulgq ai }lm|raal}

xdk}l aclgq pnqcli ke ailrl} nib praimapng a} onmflb oq dl e|gg enad nib mrlba ke

dl Aibani Hkulricli) Eatlb#aimkcl e|ib} nrl }|anogl ekr aiul}kr} xdk xni k

cntacazl m|rrli aimkcl nib xdk mni n}}|cl n blhrll ke mnpang ra}f ai krblr k bk }k)

AU! ONGNIMLB

Rdl Ongnimlb e|ib nac} k prkuabl okd hrkxd nib aimkcl) Rdl}l e|ib} aiul} ai okd

}dnrl} nib eatlb aimkcl }lm|raal} ai dl prkpkraki aibamnlb ai dlar keelr

bkm|cli})Ablng ekr aiul}kr} xdk nrl gkkfaih ekr n mkcoainaki ke aimkcl nib ckblrnl

hrkxd)

U! CKILQ CN_FLR E\IB]+GA^\AB E\IB]

Ekr dl mn|ak|} aiul}kr' dl}l e|ib} prkuabl n ulrq dahd }noagaq ke praimapng xdagl

}llfaih n ckblrnl k dahd m|rrli aimkcl) Rdlq aiul} ai dahdgq ga~|ab' uar|nggq ra}f#

erll' }dkr#lrc blo }lm|raal} ke nhlimal} ke dl Aibani Hkulricli' onif} nib

mkrpkrnaki} nib Rrln}|rq Oagg}) Olmn|}l ke dlar }dkr#lrc aiul}cli}' ckilq cnrfl

c||ng e|ib} nrl nogl k fllp n uar|nggq mki}ni |ia praml6 kigq dl qalgb eg|m|nl})

Rdlrlekrl' dlq nrl ni nrnmaul nglrinaul k onif nmmk|i}) Xad qalgb} dn nrl

hlilrnggq mkcplaaul xad # nib |}|nggq dahdlr dni ## qalgb} ki onif }nuaih} nmmk|i'

dlq keelr }lulrng nbuninhl}) Ckilq mni ol xadbrnxi niq acl xadk| plingq)

Ngdk|hd ik ai}|rlb' ckilq cnrfl e|ib} aiul} kigq ai dahdgq ga~|ab' }dkr#lrc' kp#

rnlb ckilq cnrfl ai}r|cli}) Ckilq cnrfl e|ib} nrl }|anogl ekr aiul}kr} xdk

xni dahd }noagaq ke praimapng nib m|rrli aimkcl xad acclbanl ga~|abaq)

UA! ]PLMANGRQ+]LMRK_ E\IB]


15/56

Rdl}l e|ib} aiul} ai }lm|raal} ke n }plmaeam aib|}rq kr }lmkr ke dl lmkikcq }|md n}

dlngd mnrl' lmdikgkhq' gla}|rl' |agaal} kr prlmak|} clng}) Rdl e|ib} linogl aiul}kr} k

baulr}aeq dkgbaih} nckih cniq mkcpnial} xadai ni aib|}rq' n ckrl mki}lrunaul

npprknmd dni aiul}aih barlmgq ai kil pnram|gnr mkcpniq)

]lmkr e|ib} keelr dl kppkr|iaq ekr }dnrp mnpang hnai} ai mn}l} xdlrl dl e|ib(}

aib|}rq a} /ai enukr/ o| ng}k linag dl ra}f ke mnpang gk}}l} xdli dl aib|}rq a} k| ke

enukr) Xdagl }lmkr e|ib} rl}ram dkgbaih} k n pnram|gnr aib|}rq' kdlr }plmangq e|ib}

}|md n} aiblt e|ib} haul aiul}kr} n orknbgq baulr}aealb pkrekgak nib nlcp k carrkr

dl plrekrcniml ke unrak|} cnrfl nulrnhl})

Aiblt e|ib} hlilrnggq o|q }dnrl} ai ngg dl mkcpnial} mkcpk}aih dl O]L ]li}lt kr I]L

Iaeq kr kdlr orknb }kmf cnrfl aibaml}) Rdlq nrl ik }|anogl ekr aiul}kr} xdk c|}

mki}lrul dlar praimapng kr cntacazl m|rrli aimkcl)


16/56

C\R\NG E\IB ]R_\MR\_L

N c||ng e|ib mkcpra}l} ek|r }lpnrnl liaal}' inclgq }pki}kr' c||ng e|ib r|}' NCM

nib m|}kbani) Rdl }pki}kr l}noga}dl} dl c||ng e|ib nib hl} a rlha}lrlb xad ]LOA)

Rdl c||ng e|ib illb} k ol mki}a|lb ai dl ekrc ke n r|} nib dl ai}r|cli ke dl

r|} }dk|gb ol ai dl ekrc ke n bllb rlha}lrlb |iblr dl prkua}aki} ke dl Aibani

_lha}rnaki Nm' >104)

Rdl }pki}kr a} rl~|arlb k mkirao|l n gln} 20, ke dl caiac|c il xkrd $_}) >0

mrkrl! ke dl n}}l cninhlcli mkcpniq) Rdl oknrb ke r|}ll} cninhl} dl CE nib dl

}pki}kr ltlm|l} dl r|} bllb} ai enuk|r ke dl r|}ll}) A a} dl jko ke dl CE r|}ll}

k }ll dn }mdlcl} egknlb nib cninhlb oq dl NCM nppkailb oq dl r|}ll} nrl ai

nmmkrbniml xad dl r|} bllb nib ]LOA h|ablgail})

Eah)ik) >

]pki}kr

C||ng

E|ibRr|}llNCM

M|}kbani


17/56

R_\]RLL

N Rr|}ll a} n Mkrpkrnl Okbq hkulrilb oq dl prkua}aki} ke Aibani Rr|}} Nm' rl~|arlb

k mkcpgq xad dl prkua}aki} ke dl Mkcpnial} Nm' >1


18/56

DKX RK AIUL]R AI C\R\NG E\IB;

]lp Kil #Abliraeq rdl Aiul}rclir illb} :K|r eainimang hkng} xagg unrq' on}lb ki dl nhl'

gael}qgl' eainimang aiblplibliml' encagq mkccacli}' nib glulg ke aimkcl nib ltpli}l}

nckih cniq kdlr enmkr}) Rdlrlekrl' dl ear} }lp a} k n}}l}} dl illb}) Xl mni olhai

oq bleaiaih dl aiul}cli kojlmaul} nib illb}' xdamd mk|gb ol rlh|gnr aimkcl' o|qaih

n dkcl kr eainiml n xlbbaih kr lb|mnl mdagbrli lm)

]lp Rxk # Mdkk}l rdl ahdr C|r|ng E|ib: Rdl acpkrni daih a} k mdkk}l dl rahd

c||ng e|ib }mdlcl' xdamd }|a} k|r rl~|arlcli}) Rdl keelr bkm|cli ke dl }mdlcl

lgg} |} a} kojlmaul} nib prkuabl} }|ppglclinrq blnag} gafl dl rnmf rlmkrb ke kdlr

}mdlcl} cninhlb oq dl }ncl E|ib Cninhlr) ]kcl enmkr} k lung|nl olekrl mdkk}aih

n pnram|gnr C||ng E|ib nrl dl rnmf rlmkrb ke dl plrekrcniml ke dl e|ib kulr dl gn}

elx qlnr}) Kdlr enmkr} mk|gb ol dl pkrekgak nggkmnaki' dl bauablib qalgb nib dl

blhrll ke rni}pnrlimq lm)

]lp Rdrll # ]lglmr rdl ablng cat ke ]mdlcl}: Aiul}aih ai j|} kil C||ng E|ib }mdlcl

cnq ik cll ngg dl aiul}cli illb}) Xl cnq mki}ablr aiul}aih ai n mkcoainaki ke

}mdlcl} k nmdalul k|r }plmaeam hkng})

]lp Ek|r# Aiul}r lh|gngq: Rdl ol} npprknmd a} k aiul} n eatlb nck|i n }plmaeam

ailrung}' }nq lulrq ckid) Oq aiul}aih n eatlb }|c lnmd ckid' xl o|q elxlr |ia}

xdli dl praml a} dahdlr nib ckrl |ia} xdli dl praml a} gkx' d|} oraihaih bkxi dl

nulrnhl mk} plr |ia) Rda} a} mngglb r|pll mk} nulrnhaih nib a} n ba}mapgailb aiul}cli

}rnlhq ekggkxlb oq aiul}kr} ngg kulr dl xkrgb) Xl mni ng}k nunag dl }q}lcnam

aiul}cli pgni enmagaq keelrlb oq cniq kpli#lib e|ib})


19/56

]lp Eaul# ]rnr lngq: A a} bl}arnogl k }nr aiul}aih lnrgq nib }amf k n rlh|gnr

aiul}cli pgni) Ae xl }nr ikx' xl xagg cnfl ckrl dni ae xl xna nib aiul} gnlr) Rdl

pkxlr ke mkcpk|ibaih gl} |} lnri aimkcl ki aimkcl nib k|r ckilq c|gapgal} n n

mkcpk|iblb rnl ke rl|ri)

]lp ]at # Rdl eaing }rlp: Eainggq xl illb k eagg ai dl nppgamnaki ekrc} ke unrak|}

c||ng e|ib }mdlcl} nib }nr aiul}aih) Xl cnq rlnp dl rlxnrb} ai dl qlnr} k mkcl)

C||ng E|ib} nrl }|anogl ekr lulrq faib ke aiul}kr # xdldlr }nraih n mnrllr kr

rlaraih' mki}lrunaul kr ra}f nfaih' hrkxd kralilb kr aimkcl }llfaih)

]XKR NINGQ]A] KE C\R\NG E\IB]

]rlihrd} ke C|r|ng E|ib} nl:

Rdl e|ib aib|}rq dn} airkb|mlb dl ol} prkb|m} nib }lruaml}' nib blgaulrlb

}|plrgnaul plrekrcniml})

A nggkx} }cngg aiul}kr} k aiul} ai cnrfl mdlnpgq nib leeamaligq)

Qk| hl k kxi }lulrng mkcpnial} ik cnlr dkx c|md qk| blmabl k aiul}) Ai kdlr

xkrb} qk| hl ai}ni baulr}aeamnaki)

Qk| mni ln}agq cnfl ckidgq mkirao|aki})

N prkel}}aking cninhlr a} dl kil cninhaih dl ckilq) Rdlkrlamnggq olmn|}l ke da}+dlr

ltplraliml nib fikxglbhl qk| }dk|gb rlmlaul nokul nulrnhl rl|ri})

Ulrq dahd rni}pnrlimq' ra}f ke ern|b a} ulrq gl}})

Ekr lulrq faib ke prkeagl $al mki}lrunaul' ckblrnlgq nhhrl}}aul ' nhhrl}}aul ! dlrl nrl

aiul}cli kpaki} nunagnogl)

Xlnfil}}l} ke C|r|ng E|ib} nl:

Gknb olaih mdnrhlb ekr lirq aik nib lta erkc n pnram|gnr e|ib a} dl oahhl} xlnfil}}

ke e|ib})


20/56

Gnmf ke egltaoagaq)

Gknb a} mdnrhlb arrl}plmaul ke dl plrekrcniml ke dl e|ib)

Ltpli}l rnak a} mdnrhlb }lpnrnlgq al qk| pnq cninhlcli ell ik cnlr ae dl e|ib

cnfl} qk| ckilq kr ik)

N gnrhl cnjkraq ke c||ng e|ib mkcpnial} bki mkcl mgk}l k olnaih cnrfl nulrnhl}

gafl dl ]%P


21/56

Pkrekgak cninhlcli dn} ikx olli }nrlb oq unrak|} ai}a|aki} }|md n $Fknf

}lm|raal}!' xdlrloq n }lpnrnl pkrekgak mni ol bl}ahilb ekr ni aibauab|ng aiul}kr) Dlrl

ni aibauab|ng a} }nulb ae dl e|ib cnihlr bkl} ik cnfl rahd blma}aki rlhnrbaih e|ib}

pkrekgak)

M\__LIR PGNQL_] AI RDL C\R\NG E\IB]

AIB\]R_Q

Rdl c||ng e|ib }lmkr ai Aiban m|rrligq mkcpra}l} dl ekggkxaih mnlhkrq ke pgnqlr})

ONIF ]PKI]K_LB

OKO N}}l Cninhlcli Mk) Gb)

Mnionif Aiul}cli Cninhlcli ]lruaml} Gb)

PIO N}}l Cninhlcli Mk) Gb)

]OA E|ib} Cninhlcli Gb)

AI]RAR\RAKI]

HAM N}}l Cninhlcli Mk) Gb)

AG nib E] N}}l Cninhlcli Mk)Gb

Jlluni Oacn ]ndnqkh N}}l Cninhlcli Mk) Gb)

P_AUNRL ]LMRK_

Aibani


22/56

Olimdcnrf N}}l Cninhlcli Mk) Gb)

Mdkgncnibngnc N}}l Cninhlcli Mk) Gb

L}mkr} N}}l Cninhlcli Mk) Gb

J)C) Mnpang Cninhlcli Mk) Gb)

Fknf Cndaibrn N}}l Cninhlcli Mk) Gb)

_lganiml Mnpang N}}l Cninhlcli Mk) Gb

]|ibnrnc N}}l Cninhlcli Mk) Gb

Jkair Ulir|l} # Plbkcainirgq Aibani

Oargn ]|i Gael N}}l Cninhlcli Mk) Gb)

Mrlba Mnpang N}}l Cninhlcli Mk) Gb)

B]P Clrragg Gqimd Aiul}cli Cninhlr} $Aiban! Gb)

Ear} Aiban N}}l Cninhlcli Praunl Gb)

DBEM N}}l Cninhlcli Mk) Gb)

Rnn RB Xnlrdk|}l N}}l Cninhlcli Mk) Gb)

Jkair Ulir|l}# Plbkcainirgq Eklahi

Ngganiml Mnpang N}}l Cninhlcli $Aiban! Pu)Gb)

Bl|mdl N}}l Cninhlcli $Aiban! Pu) Gb)

D]OM N}}l Cninhlcli $Aiban! Praunl Gb)

AIH Aiul}cli Cninhlcli $Aiban! Pu) Gb)

Ckrhni ]niglq Aiul}cli Cninhlcli Pu) Gb)

Pr|bliang AMAMA Cninhlcli Mk) Gb)


23/56

]nibnrb Mdnrlrlb N}}l Cninhlcli Mk) Pu) Gb)

]|i E % M N}}l Cninhlcli $A! Pu) Gb)

Rlcpglki N}}l Cninhlcli $Aiban! Pu) Gb)

Praimapng N}}l Cninhlcli Mk) Gb)

XDQ C\R\NG E\IB;

a! P_KEL]]AKING AIUL]RCLIR CNINHLCLIR

C||ng e|ib} darl e|gg#acl' dahd#glulg aiul}cli prkel}}aking}) E|ib} mni neekrb k bk

}k n} dlq cninhl gnrhl pkkg} ke ckilq) Rdl cninhlr} dnul rlng#acl nmml}} k mr|mang

cnrfl aiekrcnaki nib nrl nogl k ltlm|l rnbl} ki dl gnrhl} nib ck} mk}#leelmaul

}mngl)

aa! BAUL_]AEAMNRAKI

C||ng e|ib} aiul} ai n orknb rnihl ke }lm|raal}) Rda} gaca} aiul}cli ra}f oq

rlb|maih dl leelm ke n pk}}aogl blmgail ai dl ung|l ke niq kil }lm|raq) C||ng e|ib

|ia#dkgblr} mni olilea erkc baulr}aeamnaki lmdia~|l} |}|nggq nunagnogl kigq k

aiul}kr} xlngdq lik|hd k o|q }ahiaeamni pk}aaki} ai n xabl unralq ke }lm|raal})

aaa! GKX MK]R

N c||ng e|ib gl(} qk| pnramapnl ai n baulr}aealb pkrekgak ekr n} gagl n} _})


24/56

Qk| kxi j|} kil }lm|raq rndlr dni cniq' ql lijkq dl olilea} ke n baulr}aealb

pkrekgak nib n xabl rnihl ke }lruaml}) E|ib cninhlr} blmabl xdn }lm|raal} k rnbl'

mkgglm dl ailrl} pnqcli} nib }ll dn qk|r bauablib} ki pkrekgak }lm|raal} nrl

rlmlaulb nib qk|r rahd} ltlrma}lb) A ng}k |}l} dl }lruaml} ke n dahd ~|ngaq m|}kbani

nib rlha}rnr ai krblr k cnfl }|rl dn qk|r mkiulialiml rlcnai} n dl kp ke k|r caib)

u! PL_]KING ]L_UAML

Kil mngg p|} qk| ai k|md xad n }plmanga} xdk mni prkuabl qk| xad aiekrcnaki qk|

mni |}l k cnfl qk|r kxi aiul}cli mdkaml}) Rdlq xagg prkuabl qk| plr}king n}}a}niml

ai o|qaih nib }lggaih qk|r e|ib |ia}' prkuabl e|ib aiekrcnaki nib ni}xlr ~|l}aki}

nok| qk|r nmmk|i }n|}) K|r M|}kclr }lruaml mlilr} nrl n qk|r }lruaml nib k|r

Cnrflaih lnc xk|gb ol lnhlr k dlnr qk|rmkccli} ki k|r }mdlcl})

ua! GA^\ABARQ

Ai kpli#liblb }mdlcl}' qk| mni hl qk|r ckilq onmf prkcpgq n il n}}l ung|l rlgnlb

praml} erkc dl c||ng e|ib a}lge)

uaa! R_NI]PN_LIMQ

Qk| hl rlh|gnr aiekrcnaki ki dl ung|l ke qk|r aiul}cli ai nbbaaki k ba}mgk}|rl ki

dl }plmaeam aiul}cli} cnbl oq dl c||ng e|ib }mdlcl
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25/56


26/56

_lualx ke garlnr|l

Rdl c||ng e|ib} aib|}rq dn} }lli |iprlmlblilb glulg} ke hrkxd kulr dl pn} blmnbl)

Olxlli >148 nib >118' c||ng e|ib} aimrln}lb dlar }kmf e|ib dkgbaih} erkc 2)>, k

?>)?, ke dl cnrfl) Rdl nrln ke c||ng eaib} rl}lnrmd a} mglnrgq ni acpkrni kil k dl

eainimang }lruaml} aib|}rq nib Rdl Xdnrki Eainimang Ai}a|aki} Mlilr dn} dnb dl

kppkr|iaq k }|ppkr acpkrni rl}lnrmd ai da} ealgb' xad n ekm|} ki dl mkcplaaul

}r|m|rl ke dl c||ng e|ib aib|}rq)

_khlr C) Lblgli nib Jlkgb O) Xnil }|balb dl rlgnaki olxlli cnrfl rl|ri}

nib nhhrlhnl egkx aik \)]) l~|aq e|ib}' |}aih bnagq egkx bnn) Rdl mkim|rrli bnagq

rlgnaki a} pk}aaul) Rdlar l}} }dkx dn da} mkim|rrli rlgnaki rleglm} egkx nib

ai}a|aking rnbaih neelmaih rl|ri})

\}aih n bnn}l mkcpra}aih ngck} ngg l~|aq nib okib e|ib} ai lta}liml ai >115'

Iamkgnj ]ahhlgfkx ek|ib dn e|ib prkuablr} }dae nbulra}aih nib ba}rao|aki ltpli}l}

uan }k#mngglb >?o#> ell} kik e|ib }dnrldkgblr}) Dl ng}k }dkxlb dn okib} e|ib} xad

>?o#> ell} nrl ckrl ra}fq' xdagl dnuaih }acagnr rl|ri}' dni okib e|ib} xadk|

>?o#> ell}) Gn}gq' dl ek|ib dn e|ib prkuablr} }dae pnr ke dlar rl}lnrmd

ltpli}l} kik e|ib }dnrldkgblr} oq hlilrnaih }ke bkggnr} $rlonl} ai ekrc ke

rl}lnrmd }lruaml} prkuablb oq orkflr} ai rl|ri ekr ltml}} mkcca}}aki} pnab oq

e|ib prkuablr}! nib ik rlb|maih ltpgama ell})

Mdar| ]) Elrinibk' ]raiaun}ni Fra}dinc|rdq nib Pn|g N) ]paib ltncailb dl

/cnrflnoagaq dqpkdl}a}'/ xdamd }nl} dn }kmf }pga} lidniml dl nrnmaulil}}

ke }dnrl} k aiul}kr} oq rl}kraih praml} k n prlelrrlb rnbaih rnihl) Rdlq

ltncail }pga} ke c||ng e|ib }dnrl} olmn|}l dlq prkuabl n mglni l}aih hrk|ib

ekr dl cnrflnoagaq dqpkdl}a}' }aiml dl mkiuliaking rnakingl} ekr mkccki}kmf }pga} bk ik nppgq) Rdlq ek|ib dn }pgaaih e|ib} ltplraliml }ahiaeamni

aimrln}l} $rlgnaul k iki#}pgaaih cnmdlb e|ib}! ai il n}}l} nib }dnrldkgblr})

]kmf }pga} bab npplnr k lidniml cnrflnoagaq)

A a} n xabl}prlnb prnmaml nckih c||ng e|ib cninhlr} k ukg|inragq xnaul ell}

dn dlq dnul n mkirnm|ng rahd k mgnac) Rda} enm a} p|zzgaih nib mdnihl} dkx
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27/56

mkirnm|ng ell} }dk|gb ol ailrprllb oq aiul}kr}' rlh|gnkr}' nib nmnblcam

rl}lnrmdlr}) ]|}ni Flrr Mdra}keelr}li nrh|lb dn e|ib cninhlr} |}l ell xnaulr}

ai}lnb ke n egn mkirnmlb ell olmn|}l xnaulr} prkuabl egltaoagaq) Egltaogl ell}

nrl bl}arnogl }aiml cninhlr} mni }rnlhamnggq nbj|} il nbua}krq ell} k m|rrli

rlngaznaki ai plrekrcniml n} n clni} ke nrnmaih aiul}kr}) Dkxlulr' a a} mk}gq

ekr cninhlr} k nnai e|gg egltaoagaq ai ell}) L}acnaki rl}|g} }|hhl} dnaiul}kr} rlnm ilhnaulgq k xnaulr} ai mkcpnra}ki xad gkxlr eatlb il nbua}krq

ell})

Xkfaih pnpl} ki c|r|ng e|ib} l}lnmd aimg|bl:

Rrni}nmaki#mk} Ltpliba|rl} nib dl _lgnaul Plrekrcniml ke C||ng E|ib} Jkdi C)_)

Mdngclr}' _khlr C) Lblgli nib Hrlhkrq O) Fnbglm' Ikulcolr >111

Rdl Xagbmnrb Kpaki ai Rrni}nmaih C||ng#E|ib ]dnrl} Jkdi C)_) Mdngclr}' _khlr C)

Lblgli nib Hrlhkrq O) Fnbglm' Ikulcolr >111

Nhhrlhnl Praml Leelm} ke Ai}a|aking Rrnbaih: N ]|bq ke C||ng E|ib Egkxnib Cnrfl

_l|ri} _khlr C) Lblgli nib Jlrkgb O) Xnrilr' Kmkolr >111

Ltpli}l ]daeaih: Ni Lcparamng ]|bq ke Nhlimq Mk}} ai dl C||ng E|ib Aib|}rq

Iamkgnj ]ahhlgfkx' Jni|nrq >111

A} ]dnrl Praml _lgnlb k Cnrflnoagaq; Luabliml erkc C||ng E|ib ]dnrl ]pga} Mdar| ])

Elrinibk' ]raiaun}ni Fra}dinc|rdq nib Pn|g N) ]paib' N|h|} >111

Ell Xnaulr} ai Ckilq Cnrfl C||ng E|ib} ]|}ni Flrr Mdra}keelr}li' Ikulcolr

>118

Dn} dl _a}l ke C||ng E|ib} Aimrln}lb Cnrfl Ai}noagaq;Mdar| ]) Elrinibk'

]raiaun}ni Fra}dinc|rdq nib Pn|g N) ]paib' N|h|} >111

Dkx Nrl Blraunaul} \}lb; Luabliml erkc dl C||ng E|ib Aib|}rq Jliiaelr Fk}fa nib

Jleerlq Pkiaee' Cnq >115 Rda} a} dl prlprai ulr}aki kigq) Ekr dl p|oga}dlb

ulr}aki pgln}l }ll: /Dkx Nrl Blraunaul} \}lb; Luabliml erkc dl C||ng E|ib

Aib|}rq)/ Jk|ring ke Eainiml) Ukg) 11= Rda} a} dl

prlprai ulr}aki kigq) Ekr dl p|oga}dlb ulr}aki pgln}l }ll: /Rdl ]r|m|rl ke

C||ng E|ib Mdnrhl})/ Jk|ring ke Eainimang Lmkikcam}) Ukg) 2> $>!' pp) =#=1) Cnq

>115)
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28/56

Rdl Cnrflaih ke Mgk}lb#Lib E|ib APK} Fndglli Xla}} Dniglq' Mdnrgl} Gll nib Pn|g

]lh|ai' Ikulcolr >11< Rda} a} dl prlprai ulr}aki kigq) Ekr dl p|oga}dlb

ulr}aki pgln}l }ll: /Rdl Cnrflaih ke Mgk}lb#Lib E|ib APK}: Luabliml erkc

Rrni}nmaki} Bnn)/ Jk|ring ke Eainimang Ailrclbanaki) Ukg) < $?!' pp) >?8#115)

Lukg|aki ke Mnpnoagaal} nib Aib|}rq: Rdl Lukg|aki ke C||ng E|ib Prkml}}aih

Bnialg N) Gluaidng nib Jliiaelr Cqn' Blmlcolr >112 Rda} a} dl prlprai

ulr}aki kigq) Ekr dl p|oga}dlb ulr}aki pgln}l }ll: /Mk#Lukg|aki ke Mnpnoagaal}

nib Aib|}rq: Rdl Lukg|aki ke C||ng E|ib Prkml}}aih)/ ]rnlham Cninhlcli

Jk|ring) Ukg) >


29/56

D|golr' dl D|golr Eainimang Bahl} dn} olli rnmfaih Ckriaih}nr}

plrekrcniml }aiml dl olhaiiaih ke >11>) Kulr dl }|o}l~|li ilnrgq

}luli qlnr}' Ckriaih}nr} kp#rniflb ik#gknb l~|aq e|ib} dnul gnhhlb

dl }kmf cnrfl oq ni nulrnhl ke ilnrgq drll plrmlinhl pkai} plr qlnr)

/ ]ll D|golr(} /Ik ]nr} ekr Ckriaih}nr/ ai Ekrol} $>?+?1+18!)

k

]niekrb Prkel}}kr nib Ikolg Prazl xaiilrXagganc E) ]dnrpl dn} pk}lbRdl ]qgl} nib Plrekrcniml ke Gnrhl ]ln}kilb C||ng E|ib}' >14112)

A a} ik xrali ekr dl ikuaml o| cnfl} ekr ailrl}aih rlnbaih erkc kil

ke dl ol} fikxi lb|mnkr} nib xralr} ai dl aib|}rq) Qk| mni ng}k rlnb

ni ailrualx xad Prkel}}kr ]dnrpl aglb ]laih dl _lmkrb ]rnahd ki

]qgl Ningq}a})

k Rda} a} ni no}rnm $Ke Rk|rincli} nib Rlcpnaki! ke ni ailrl}aih

Jk|ing ke Eainiml nramgl dn ba}m|}}l} c||ng e|ib ell} nib dkx e|ib

cninhlr} nm blplibaih ki dlar plrekrcniml)

k Rdl Unih|nrb Hrk|p}(} RAM#RNM#RKL: ]qgl Ningq}a} nib C||ng E|ib

Plrekrcniml oq Jkdi M) Okhgl xn} dl Flqikl ]pllmd n dl J|il

Ckriaih}nr Mkielrliml) Rdl nramgl keelr} luabliml dn e|ib ltpli}l}

nrl ni aibamnkr ke e||rl plrekrcniml)

k Rdl J|gq+N|h|} >118 a}}|l ke Ogkkcolrh Plr}king aimg|blb ni nramgl

aglb /Mdlnplr a} Ollr/ oq Jkindki O|rki) Rdl ekggkxaih nrl n elx

ltmlrp} erkc dl nramgl

k /E|ib ltpli}l} cnfl n baeelrliml#n d|hl baeelrliml#ai qk|r okkc#gail

aiul}cli rl|ri) Ai enm' nmmkrbaih k n ilx }|bq oq Ogkkcolrh

Plr}king' gkx#mk} e|ib} nrl c|md ckrl gaflgq k blgaulr nokul#nulrnhl

plrekrcniml dni dahd#mk} kil})))/

k /Pdaggap} VCkriaih}nrS dn} ng}k prkb|mlb ba}|roaih rl}lnrmd }dkxaih

dn dahdlr#ltpli}l okib e|ib} keli nfl hrlnlr ra}f})/

k

k Hlaih xa}l k c||ng e|ib ell} erkc Ekr|il $>?+?=+15!)

k N eln|rl ki dahd e|ib ell} erkc Ckilq)

k ?0 ~|l}aki nok| c||ng e|ib} erkc dl Aiul}cli Mkcpniq Ai}a|l

k xdn bk aibauab|ng aiul}kr} mki}ablr xdli o|qaih n e|ib; Nmmkrbaih k

ni Aiul}cli Mkcpniq Ai}a|l }|bq 8


30/56

51, _a}f' 21, Aiul}cli Hkng}' 25, Pkrekgak }lm|raal}' nib kigq 2=,

mki}ablrlb ell} nib ltpli}l}) Lcparamng }|bal} }|hhl} plrekrcniml

}dk|gb mlrnaigq ik ol dl pracnrq mki}ablrnaki' o| ell} nib ltpli}l}

nrh|nogq }dk|gb ol)

k _kingb I) Fndi nib Nibrlx _|bb ke ON__N aglb /Bkl} Da}kramng

Plrekrcniml Prlbam E||rl Plrekrcniml;/ a} ni ltncpgl }|ppkraih dlnrh|cli nhnai} plr}a}li plrekrcniml) Rdl }|bq aimg|bl} rlelrliml} k

prluak|} }|bal} dn bab nib }|bal} dn bab ik eaib }|ppkr ekr

plr}a}liml) Ngdk|hd dlq bab eaib }kcl luabliml ke plr}a}liml ai eatlb

aimkcl e|ib}' dl n|dkr} mkcl k dl mkimg|}aki dn okd l~|aq nib

eatlb aimkcl aiul}kr} cnq ol ollr }lrulb oq aiul}aih ai aiblt e|ib} n}

kppk}lb k e|ib} dn dnul plrekrclb xlgg ai dl pn})

k Nikdlr rlmli }|bq oq O|rki H) Cngfalg $n|dkr ke N _nibkc Xngf

Bkxi Xngg ]rllr ! ai dl J|il >11< lbaaki keJk|ing ke Eainiml aglb

/_l|ri} erkc Aiul}aih ai L~|aq C||ng E|ib} >18> k >11>/ ng}k

nbbrl}}lb dl a}}|l) Qk| mni rlnb dl No}rnm dlrl) I|clrk|} }|bal} dnb

blcki}rnlb plr}a}liml ai plrekrcniml ai dl >180} nib Cngfalg

mkiearclb dl}l eaibaih}) Cngfalg }plmaeamnggq ltncailb dl a}}|l ke

}|ruaukr}dap oan} # dl enm dn pkkr plrekrcaih c||ng e|ib} lib k

ba}npplnr $mkcckigq oq clrhaih aik ckrl }|mml}}e|g e|ib} /dlrloq

o|rqaih dl e|ib(} onb rlmkrb xad a)/ ]ll ng}k Mdlq#Pamfaih!)

Npprktacnlgq =, ke c||ng e|ib} ba}npplnr lulrq qlnr) Rdl rl}|g a} dn

ck} gkih lrc plrekrcniml rlmkrb} bk ik aimg|bl dl rlmkrb} ke pkkr

plrekrcaih e|ib} dn ik gkihlr lta}) Oq ltncaiaih ngg c||ng e|ib} dn

lta}lb n dl acl' Cngfalg bllrcailb /dn }|ruaukr}dap oan} a}

mki}ablrnogl ckrl acpkrni dni prluak|} }|bal} dnul }|hhl}lb)/

Cngfalg nbca} dn dl ningq}a} prkuablb }kcl }|ppkr ekr dl o|qaih

e|ib} xad ltmlggli rlmkrb} }aiml dlq k|plrekrclb b|raih mlrnai

plrakb} nib bk ik xkr}l dni dl nulrnhl e|ib' dkxlulr dl prl}lilb

drll mnuln}) Ear}' dl rl}|g} nrl ik rko|}' }lmkib' dl rl|ri} nrl ik

nm|nggq nmdalunogl olmn|}l ke gknb mdnrhl} nib darb' }|ruaukr}dap oan}

dn} k ol nmmk|ilb ekr) Dl mkimg|blb dn #

k /A bkl} ik npplnr dn kil mni en}daki n blplibnogl }rnlhq ke

hlilrnaih ltml}} rl|ri} on}lb ki n olgale dn gkih#r|i c||ng e|ib

rl|ri} nrl plr}a}li)/
http://www.barra.com/http://144.203.11.42/ResearchResources/BarraPub/hpp-n.asphttp://144.203.11.42/ResearchResources/BarraPub/hpp-n.asphttp://www.investorhome.com/booksum.htm#rwhttp://www.investorhome.com/booksum.htm#rwhttp://www.cob.ohio-state.edu/dept/fin/journal/jof.htmhttp://www.cob.ohio-state.edu/~fin/journal/archive_abstract/june95.html#malkielhttp://www.investorhome.com/cherry.htmhttp://www.barra.com/http://144.203.11.42/ResearchResources/BarraPub/hpp-n.asphttp://144.203.11.42/ResearchResources/BarraPub/hpp-n.asphttp://www.investorhome.com/booksum.htm#rwhttp://www.investorhome.com/booksum.htm#rwhttp://www.cob.ohio-state.edu/dept/fin/journal/jof.htmhttp://www.cob.ohio-state.edu/~fin/journal/archive_abstract/june95.html#malkielhttp://www.investorhome.com/cherry.htm


31/56

k /))) e|ib} dnul |iblrplrekrclb olimdcnrf pkrekgak} okd nelr

cninhlcli ell} nib luli hrk}} ke ltpli}l})/

k /))) xdagl mki}ablrnogl plrekrcniml plr}a}liml lta}lb b|raih dl >180}'

dlrl xn} ik mki}a}limq ai e|ib rl|ri} b|raih dl >140})/

k /))) xl dnul olli |inogl k en}daki n blplibnogl }rnlhq oq xdamd ni

aiul}kr mni mki}a}rlirgq nmdalul ltml}} rl|ri} kulr gkih plrakb} keacl)/

k /Ck} aiul}kr} xk|gb ol mki}ablrnogq ollr kee oq p|rmdn}aih n gkx

ltpli}l aiblt e|ib' dni oq rqaih k }lglm ni nmaul e|ib cninhlr xdk

npplnr} k pk}}l}} n /dk dnib)/

k Cngfalg ng}k ba}m|}}lbEkol} Cnhnzail /dkikr rkgg/ xdamd rnif} c||ng

e|ib} ekr plrekrcniml ai okd |p nib bkxi cnrfl}) Kulr dl >5#qlnr

plrakb erkc >18< k >11>' dl /dkikr rkgl/ |iblrplrekrclb dl ]%P


32/56


33/56

Kojlmraul} ke rdl }r|bq

Rdl cnai kojlmaul} ke }|bq nrl hauli olgkx:

Rk fikx nok| dl nxnrlil}} ke c||ng e|ib})

Rk fikx dl m|}kclr} ltplmlb rl|ri erkc C||ng E|ib})

Rk fikx dl aiul}cli dnoa ke dl m|}kclr} n} plrmlinhl ke }nuaih} ai C||ng

E|ib})

Rk fikx nok| dl m|}kclr} mdkaml ke aiul}aih ai kdlr aiul}cli nuli|l})

Rk cnfl mkcpnra}ki olxlli C||ng E|ib} nib kdlr aiul}cli nuli|l})


34/56


35/56

MDNPRL_ ?

_L]LN_MD CLRDKBKGKHQ

Rda} }lmaki blng} xad dl ]mkpl' illb nib }ahiaeamniml ke rl}lnrmd' _l}lnrmd bl}ahi'

Bnn mkgglmaki' ]ncpgl }azl' ]ncpgaih lmdia~|l' |}lb nib Gacanaki} ke dl }|bq)

]MKPL

Rda} }|bq mni ol cnbl leelm} }|bq xagg ol mkib|mlb n Mdnibahnrd) Rda} }|bq mni ol

cnbl leelmaul oq }lglmaih }ncpgl }azl n} gnrhl n} pk}}aogl) Bllplr }|bq mni ol

mkib|mlb oq aimg|baih plrmlpaki ke aiul}kr})

Illb nib ]ahiaeamniml

Rdl mdnihaih eainimang }lruaml} }mlinrak lclrhaih oq uar|l ke gaolrngaznaki ai gn} kil

blmnbl dn} airkb|mlb n un} unralq ke mkimlp C||ng E|ib a} kil ke dk}l C||ng

E|ib} ai Aibani mkilt nrl n rlmli pdlikcliki) Ai n }dkr }pni ke gl}} dni kil blmnbl

a dn} mdnihlb dl aiul}cli pnlri ke clba|c nib }cngg aiul}kr} ai Aiban) Rk cll

dl mdnihaih illb} ke dl lmkikcq' dl lb|mnaking ai}a|aki} dnul olli |phrnbaih

dlar m|rram|g|c) Mki}l~|ligq' }|bq ke C||ng E|ib} dn} olmkcl ni l}}liang

aihrlbali ekr gauaih ai da} eainimang xkrgb }k dlrl a} n illb k npprna}l dl eainimang nib

kplrnaki plrekrcniml ke c||ng e|ib})

_L]LN_MD BL]AHI :

Rdl rl}lnrmd bl}ahi a} n pnlri kr ni k|gail ke dl rl}lnrmd prkjlm} xkrfaih) Rdl

prl}li }|bq olaih mkib|mlb ekggkxlb BL]M_APRAUL _L]LN_MD bl}ahi da} a}

olmn|}l a lung|nl dl plrekrcniml ke unrak|} c||ng e|ib} kplrnaih ai Aiban)


36/56

BNRN MKGGLMRAKI:

Okd pracnrq nib }lmkibnrq }k|rml ke aiekrcnaki xlrl |}lb ekr bnn mkgglmaki) Ekr dl

p|rpk}l ke bnn mkgglmaki dl }al} ke c||ng e|ib} nrl rlelrrlb nib ~|l}akiinarl a}

prlpnrlb)

]NCPGL ]AZL:

Rdl kng ke


37/56

Gacarnraki} ke rdl }r|bq

Rdl }|bq a} on}lb kigq ki


38/56

NINGQ]A]

Plmlirnhl ke plkpgl aiul}raih ai c|r|ng e|ib}

Ql}

Ik

Eah)ik)?

AIEL_LIML

Dliml Cnjkraq ke plkpgl dn a} 54 , plkpgl aiul} ai c||ng e|ib})

Kpraki} _l}pkiblir}

Ql} =2

Ik >5


39/56

Mkcekrnoagarq glulg lhnbaih rdl unak|} aiul}rclir uldamgl}

Aiul}rclir Uldamgl _l}pkiblir}

]nuaih} Nmmk|ir} >4

Eatlb Blpk}ar} ?

]rkmf Cnflr ?

C|r|ng E|ib} >=

Ai}|niml >0

?0#20, 1

20#50, >5

50#40, >?

40#>00, =

0

>?>2

>5

0#?0, ?0#20, 20#50, 50#40, 40#>00,

_l}pkiblir}

Eah)ik)2

AIEL_LIML

Rd|} ki ni nulrnhl plkpgl aiul} 20#50, ke dlar kng }nuaih} ai c||ng e|ib})

)


41/56

Pacnq p|pk}l ke aiul}raih ai C|r|ng E|ib}

P|pk}l _l}pkiblir}

Xlngd Nmm|c|gnaki >=Lb|mnaking Pgniiaih 8

M|rrli Aimkcl >4

Cnjkr P|rmdn}l 5

Kdlr $Pgln}l Bl}mraol! 5

0

>2

>5

>4

0#? q ?#2q 2#5q 9 5q

_l}pkiblir}

Eah)ik)1

AIEL_LIML

Dliml cnjkraq ke plkpgl xni k nmdalul dlar aiul}cli kojlmaul} oq aiul}aih ai

olxlli 2#5 qlnr})


46/56

]nra}enmraki glulg lhnbaih rdl lr|i} ekc C|r|ng E|ib}

Kpraki} _l}pkiblir}

e|ggq }na}ealb =

]na}ealb ?0

Il|rng >5

ba}}na}ealb >0

dahdgq ba}}na}ealb >

0

0

>0

AIEL_LIML

Dliml xl mni }ll dn ck} ke dl plkpgl nrl }na}ealb xad dl rl|ri} dlq nrl hlaih oq

aiul}aih ai c||ng e|ib})


47/56

Plmlirnhl ke gk}} ke mnparng rdnr n aiul}rk mni oln

Kpraki} _l}pkiblir}

0#1

0, ?0

>0#>>

AIEL_LIML

Cnjkraq ke plkpgl nrl rlnbq k kglrnl 0, gk}} ai dlar aiul}cli})

Mdnihl ai rdl glulg ke mkieabliml lhnbaih C|r|ng E|ib aiul}rclir


48/56

Glulg ke Mkieabliml _l}pkiblir}

Bacaia}dlb 1

Aimln}lb ?5

Bab ikr Mdnihl >

Ik 4

0

0

>

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