Final hard copy

Group no. 8 Chetana’s hazarimal somani college of com. &eco. &smt. Kusumtai chaudhari college of arts

Presented to:

shivaprasad

Topic: Structure of financial markets. Notices, Agenda, Minutes of

meeting

Group members: Rakhee Ghanshor 113 Megha Gosavi 115 Rupesh Gupta 116 Pratik Patel 126 Aafreen Pathan 127 HeenaTiwadekar 144 Rahul Gorge 155

Agenda: Structure of financial markets:

Introduction of financial markets…………..HeenaFinancial intermediaries…..……Rakhee, AafreenFinancial regulators………………………………..RahulFinancial services…..……………………………..MeghaFinancial markets….……..Heena, Rupesh, PratikCommodity market…………………………….Aafreen

Notices, Agenda & Minutes of Meetings:

Meetings & types of meeting………………...RupeshNotices………………………………………………...….RahulContent of notice………………………………….….RahulAgenda…………………………………………………….PratikHow to create agenda………………………………PratikMinutes of meetings…………………………………Heena

INTRODUCTION:

WHAT IS FINANCIAL MARKETS?

A financial market is a market in which people and entities can trade financial securities, commodities , and other fungible items of value at low transaction costs and at prices that reflect supply and demand. Securities include stocks and bonds, and commodities include precious metals or agricultural goods.

Financial intermediaries:

Financial intermediation consists of “channeling funds between surplus and deficit agents”. A financial intermediary is a financial institution that connects surplus and deficit agents. The classic example of a financial intermediary is a bank that transforms bank deposits into bank loans.

Banking institutions:

A bank is a financial institution and a financial intermediary that accepts deposits and channels those deposits into lending activities, either directly or through capital markets. A bank connects customers that have capital deficits to customers with capital surpluses.

Financial regulators:

Financial regulation is a form of regulation or supervision, which subjects financial institutions to certain requirements, restrictions and guidelines, aiming to maintain the integrity of the financial system. This may be handled by either a government or non-government organization.

RBI(Reserve Bank of India) It is controlled and managed by government of India.

It regulates the cash flow i.e. Inflow and Outflow of cash in market.It helps in Credit Control at the Inflation and Recession.RBI also sets rules and regulations for the SEBI and in capital markets. RBI plays a very vital role in exchange of Foreign Currencies.It has the authority to print Indian Notes.

SEBI(Securities Exchange Board of India)SEBI was formed officially by the Government of

India in 1992 with SEBI Act 1992 being passed by the Indian parliament. SEBI is headquartered in BandraKurla Complex in Mumbai,and has Northern,Eastern,Southern and western regionaloffices in New Delhi,Kolkata,Chennai and Ahmedabad. Controller Of Capital issues was the regulatory authority before SEBI came into existence;it derived authority from the Capital Issues Act,1947.

Initially SEBI was a non statutory body was given additional statutory power by the Government of India through an the Securities and Exchange Board of India Act 1992.In April,1998 the SEBI was constituted as the regulator

of capital market in India under a resolution of the Government of India.

The SEBI is managed by fix members,i.e.by chairman which is nominated by central government and members,i.e. officers of central ministry, one member from RBI & remaining two are nominated by central government.

The officed of SEBI is situated at Mumbai with its regional officies at Kolkata, Delhi & Chennai.

Public sector

What is Public Sector?

The public sector is that portion of society controlled by national, state or provincial, and local governments. In the United States, the public sector encompasses universal, critical services such as national defense, homeland security, police protection, fire fighting, urban planning, corrections, taxation, and various social programs.

The public sector overlaps with the private sector in producing or providing certain goods and services. The extent of this overlap varies from country to country, state to state, province to province, and city to city. This overlap is most often seen in waste management, water management, health care, security services, and shelters for homeless and

abused people. Sometimes, service providers move from the public sector to the private. This is known as privatization, and has been taking place in recent years on a large scale throughout the world. In other instances, a service may shift from the private sector to the public. This is less common, but health care is one area where some governments are providing or experimenting with services previously furnished by private providers.

Governments routinely hire private corporations to provide goods and services for the public sector, a practice known as outsourcing . Examples include the manufacture, construction, or maintenance of aircraft, military hardware, electronic and communications equipment, computers, roads, freeways, bridges, parks, and recreation areas.

TYPES OF INSURANCE

Insurance provides compensation to a person for an anticipated loss to his life, business or an asset. Insurance is broadly classified into two parts covering different types of risks:

1. Long-term (Life Insurance)2. General Insurance (Non-life Insurance)

Long-term Insurance:Long term insurance is so called because it is meant for a long-term period which may stretch to several years or

whole life-time of the insured. Long-term insurance covers all life insurance policies. Insurance against risk to one's life is covered under ordinary life assurance. Ordinary life assurance can be further clasified into following types:

Types of Ordinary Life Assurance

Meaning

1. Whole Life Assurance

In whole life assurance, insurance company collects premium from the insured for whole life or till the time of his retirement and pays claim to the family of the insured only after his death.

2. Endowment Assurance

In case of endowment assurance, the term of policy is defined for a specified period say 15, 20, 25 or 30 years. The insurance company pays the claim to the family of assured in an event of his death within the policy's term or in an event of the assured surviving the policy's term.

3. Assurances for Children

i).Child's Deferred Assurance: Under this policy, claim by insurance company is paid on the option date which is calculated to coincide with the child's eighteenth or twenty first birthday. In case the parent survives till option date, policy may either be continued or payment may be claimed on the same date. However, if the parent dies before the option date, the policy remains continued until the option date without any need for payment of premiums. If the child dies before the option date, the parent

receives back all premiums paid to the insurance company.

ii). School fee policy: School fee policy can be availed by effecting an endowment policy, on the life of the parent with the sum assured, payable in instalments over the schooling period.

4. Term Assurance

The basic feature of term assurance plans is that they provide death risk-cover. Term assurance policies are only for a limited time, claim for which is paid to the family of the assured only when he dies. In case the assured survives the term of policy, no claim is paid to the assured.

5. Annuities Annuities are just opposite to life insurance. A person entering into an annuity contract agrees to pay a specified sum of capital (lump sum or by instalments) to the insurer. The insurer in return promises to pay the insured a series of payments untill insured's death. Generally, life annuity is opted by a person having surplus wealth and wants to use this money after his retirement.

There are two types of annuities, namely:Immediate Annuity: In an immediate annuity, the insured pays a lump sum amount (known as purchase price) and in return the insurer promises to pay him in instalments a specified sum on a monthly/quarterly/half-yearly/yearly basis. Deferred Annuity: A deferred anuuity can be purchased by

paying a single premium or by way of instalments. The insured starts receiving annuity payment after a lapse of a selected period (also known as Deferment period).

6. Money Back Policy

Money back policy is a policy opted by people who want periodical payments. A money back policy is generally issued for a particular period, and the sum assured is paid through periodical payments to the insured, spread over this time period. In case of death of the insured within the term of the policy, full sum assured along with bonus accruing on it is payable by hte insurance company to the nominee of the deceased.

General InsuranceAlso known as non-life insurance, general insurance is normally meant for a short-term period of twelve months or less. Recently, longer-term insurance agreements have made an entry into the business of general insurance but their term does not exceed five years. General insurance can be classified as follows:

Fire Insurance

Fire insurance provides protection against damage to property caused by accidents due to fire, lightening or explosion, whereby the explosion is caused by boilers not being used for industrial purposes. Fire insurance also includes damage caused due to other perils like strom tempest or flood; burst pipes; earthquake;

aircraft; riot, civil commotion; malicious damage; explosion; impact.

Marine Insurance

Marine insurance basically covers three risk areas, namely, hull, cargo and freight. The risks which these areas are exposed to are collectively known as "Perils of the Sea". These perils include theft, fire, collision etc.

Marine Cargo: Marine cargo policy provides protection to the goods loaded on a ship against all perils between the departure and arrival warehouse. Therefore, marine cargo covers carriage of goods by sea as well as transportation of goods by land.

Marine Hull: Marine hull policy provides protection against damage to ship caused due to the perils of the sea. Marine hull policy covers three-fourth of the liability of the hull owner (shipowner) against loss due to collisions at sea. The remaining 1/4th of the liability is looked after by associations formed by shipowners for the purpose (P and I clubs).

Miscellaneous As per the Insurance Act, all types of general insurance other than fire and marine insurance are covered under miscellaneous insurance. Some of the examples of general insurance are motor insurance, theft insurance, health insurance, personal accident insurance, money insurance, engineering insurance etc.

Insurance

As life is full of uncertain events; it is good idea to get insured. There are different types of insurance provided by various insurance companies. You only need to decide the perfect insurance that fits your financial plans. Given below are different kinds of insurance. Choose the one that you require and need most.

Life insurance

Life insurance is one of the most well known and common insurance. This insurance is taken against the risk of death. It provides cash benefits to the decedent's family or other designated beneficiary and may specially provide for burial and other final expenses.

Auto insurance

Another kind of insurance that is often required is auto insurance. It is typically taken against the risks of road accident. It helps cover against theft, financial loss caused by accidents and any subsequent liabilities.

Health insurance

Health insurance is taken against the risks of sickness and accidents. It covers all the medical expenses incurred because of sickness or accidents.

Property insurance

This type of insurance protects you against loss from risks associated with a variety of types of property such as houses, cars, boats, businesses etc from fire, theft or weather damage.

Disability insurance

Disability insurance provides financial help to the policy holder when he/she is unable to work due to injuries or severe illness. It gives a monthly stipend that replaces a portion of the disabled person's income.

Liability insurance

This insurance type covers legal claims against the insured. The protection given by this insurance is two fold, a legal defense in the event of lawsuit commenced against the policyholder plus indemnification with respect to settlement or court verdict.

Business Interruption Insurance

Protecting individuals and companies against various financial risks, these types of insurance also cover the failure of a creditor to pay money it owes to the insured.

Pollution Insurance

This insurance kind consists of first-party coverage for contamination of insured property either by external or on-site sources, arising from contamination of air, water, or land due to the sudden and accidental release of hazardous materials from the insured site. Covering the costs of cleanup, it may include coverage for releases from underground storage tanks.

Purchase insurance

The purpose of these types of insurance is to provide protection on the products people purchase. Purchase insurance can cover individual purchase protection, warranties, guarantees, care plans and even mobile phone insurance.Go through the above different types of insurance and choose the right insurance policy that fits your needs.

Financial services: Depositories:

Shares and bonds are being issued by companies for quite some time. Ten years back, all these were issued in the form

of physical certificates that the investor had to keep safe and then forward to the buyer once sold. This process was highly time consuming and gave rise to issues like fake securities and bad deliveries. All these reasons and the improvement in technology gave rise to depositories and the electronic mode of holding securities.

Hire purchase:

A method of buying goods through making instalment payment overtime. The term hire purchase originated in the u.k and is similar to what are called rent to own.

Portfolio management:

Portfolio management is the professional management of various securities (shares, bonds and other securities and assets) (e.g., real estate) in order to meet specified investment goals for the benefit of the investors. Investors may be institutions (insurance companies, pension funds, corporations, charities, educational establishments etc.) or private investors both directly via investment contracts and more commonly via collective investmentschemes (e.g. mutual funds or exchange-traded funds.)

Underwriting:

underwriting refers to the process by which investment banks raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity anddebt capital).This is a way of selling a newly issued security, such as stocks or bonds, to investors. A syndicate of banks (the lead managers) underwrite the transaction, which means they have taken on the risk of distributing the securities. Should they not be able to find enough investors, they will have to hold some securities themselves.

Leasing:A lease is a legal agreement in which a property owner grants another party exclusive use of position of his property for a defined time period. Under specified condition in returns the lesses must make periodic payments of rent or lease charg/?es.

Structure oF financial markets:1.Capital market2.Money market

Capital market:

Capital Market is a market for securities (debt or equity), where business enterprises (companies) and governments can raise long-term funds. It is defined as a market in which money is provided for periods longer as the raising of short-term funds takes place on other markets (e.g., the money market). The capital market includes the stock market (equity securities) and the bond market (debt). Money markets and capital markets are parts of financial markets. Financial regulators, such as the UK's Financial Services Authority (FSA) or the U.S. Securities and Exchange Commission (SEC), oversee the capital markets in their designated jurisdictions to ensure that investors are protected against fraud, among other duties.

Capital markets may be classified as primary markets and secondary markets. In primary markets, new stock or bond issues are sold to investors via a mechanism known as underwriting. In the secondary markets, existing securities are sold and bought among investors or traders, usually on a securities exchange, over-the-counter, or elsewhere.

Types of capital market:1.Equity market:

a. Primary marketb.Secondary marketc. Derivative market

2.Debt market:

a. Primary segmentb.Secondary segment

1. Equity market:The market in which shares are issued and traded, either through exchanges or over-the-counter markets. Also known as the stock market, it is one of the most vital areas of a market economy because it gives companies access to capital and investors a slice of ownership in a company with the potential to realize gains based on its future performance.

Types of equity market:a. Primary market:

The Primary Market is that part of the capital markets that deals with the issuance of new securities. Companies, governments or public sector institutions can obtain funding through the sale of a new stock or bond issue. This is typically done through a syndicate of securities dealers. The process of selling new issues to investors is called underwriting. In the case of a new stock issue, this sale is an initial public offering (IPO). Dealers earn a commission that is built into the price of the security offering, though it can be found in the prospectus. Primary markets create long term

instruments through which corporate entities borrow from capital market.

b. Secondary market:

The Secondary Market, also called aftermarket, is the financial market in which previously issued financial instruments such as stock, bonds, options, and futures are bought and sold.[1] Another frequent usage of "secondary market" is to refer to loans which are sold by a mortgage bank to investors such as Fannie Mae and Freddie Mac.

The term "secondary market" is also used to refer to the market for any used goods or assets, or an alternative use for an existing product or asset where the customer base is the second market (for example, corn has been traditionally used primarily for food production and feedstock, but a "second" or "third" market has developed for use in ethanol production).

C. Derivatives market:

Derivatives are of the most complex of instrument. The word “derivative” comes from the verb “to derive”. It indicates that it has no independent value.A derivative is a contract whose value is derived from the value of another assets, known as the underlying, which could be a share, a stock market index,

an interest rate, a commodity, or a currency. The underlying is the identification tag for a derivative contract. When the price of this underlying changes, the value of derivative also changes. Without an underlying, derivatives do not have any meaning. Insurance protects against specific risks such as fire, floods etc.

The Money Market

is a component of the financial markets for assets involved in short-term borrowing and lending with original maturities of one year or shorter time frames. Trading in the money markets involves Treasury bills, commercial paper, bankers' acceptances, certificates of deposit, federal funds, and short-lived mortgage- and asset-backed securities.[1] It provides liquidity funding for the global financial system. Money markets and capital markets are parts of financial markets.

Instrument of money market: Treasury bills

Call money market

Commercial bills

Commercial paper

Certificates of deposit

Treasury-Bills:

Treasury bills are short term instruments issued by the reserve bank on behalf of the government to tide. Over short term liquidity shortfalls. This instruments is used by the government to raise short term funds to bridge seasonal or temporary gaps between its receipts and expenditures. They form the most important segment of the money market not only in India but all over the World as well. Treasury bills are repaid at par on maturity. The difference between the amount paid by the tenderer at the time of purchase and the amount received on the maturity represents the interest amount of treasury bills and is known as discount. Tax dedicated at source is not applicable on treasury bills.

CALL MONEY MARKET:

Is by far the most visible market as the day to day surplus funds, mostly of banks, are traded there. The money market is a market for short- term financial assets that are close substitutes of money. The most important feature of a money market instrument is that it is liquid and can be turned over quickly at low cost and provides an avenue for equilibrating the short- term surplus funds of lenders and the requirements of borrowers. The call/ notice money

market forms an important segment of the Indian money market. Under call money market, funds are transacted on overnight basis and under notice money market, funds are transacted for the period between 2 days and 14 days. Banks borrow in this money market for the following propose. • To fill the gaps or temporary mismatches in funds • To meet the CRR & SLR Mandatory requirements as stipulated by the Central bank • To meet sudden demand for funds arising out of large outflows Thus call money usually serves the role of equilibrating the short-term liquidity position of banks

COMMERCIAL BILLS

Commercial bill is a short term, negotiable, and self-liquidating instrument with low risk. It enhances he liability to make payment in a fixed date when goods are bought on credit. According to the Indian Negotiable Instruments Act, 1881, bill or exchange is a written instrument containing an unconditional order, signed by the maker, directing to pay a certain amount of money only to a particular person, or to the bearer of the instrument. Bills of exchange are negotiable instruments drawn by the seller (drawer) on the buyer (drawee) or the value of the goods delivered to him. Such bills are called trade bills. When trade bills are accepted by commercial banks, they are called commercial bills. The bank discount this bill by keeping a certain margin and credits the proceeds. Banks, when in need of money, can also get such bills rediscounted by financial institutions such as

LIC, UTI, GIC, ICICI and IRBI. The maturity period of the bills varies from 30 days, 60 days or 90 days, depending on the credit extended in the industry.

COMMERCIAL PAPER:

In the global money market, commercial paper is an unsecured promissory note with a fixed maturity of 1 to 270 days. Commercial paper is a money-market security issued (sold) by large banks and corporations to get money to meet short term debt obligations (for example, payroll), and is only backed by an issuing bank or corporation's promise to pay the face amount on the maturity date specified on the note. Since it is not backed by collateral, only firms with excellent credit ratings from a recognized rating agency will be able to sell their commercial paper at a reasonable price. Commercial paper is usually sold at a discount from face value, and carries higher interest repayment rates than bonds. Typically, the longer the maturity on a note, the higher the interest rate the issuing institution must pay. Interest rates fluctuate with market conditions, but are typically lower than banks' rates. Factors Inhibiting the Growth of the CP Market

 Certificates Of Deposit:A certificate of Deposit (CD) is a time deposit, a financial product commonly offered to consumers in the United States by banks, thrift institutions, andcredit unions.

CDs are similar to savings accounts in that they are insured and thus virtually riskfree; they are "money in the bank".

CDs are insured by the Federal Deposit Insurance Corporation (FDIC) for banks and by the National Credit Union Administration (NCUA) for credit unions. They are different from savings accounts in that the CD has a specific, fixed term (often monthly, three months, six months, or one to five years), and, usually, a fixed interest rate. It is intended that the CD be held until maturity, at which time the money may be withdrawn together with the accrued interest.

A few general guidelines for interest rates are:

A larger principal should receive a higher interest rate, but may not.

A longer term will usually receive a higher interest rate, except in the case of an inverted yield curve (i.e. preceding a recession)

Smaller institutions tend to offer higher interest rates than larger ones.

Personal CD accounts generally receive higher interest rates than business CD accounts.

Banks and credit unions that are not insured by the FDIC or NCUA generally offer higher interest rates.

 Commodity markets  are markets where raw or primary products are

exchanged. These raw commodities are traded on regulated commodities exchanges, in which they are bought and sold in standardized contracts.

This article focuses on the history and current debates regarding global commodity markets. It covers physical product (food, metals, electricity) markets but not the ways that services, including those of governments, nor investment, nor debt, can be seen as a commodity. Articles on reinsurance markets, stock markets, bond markets andcurrency markets cover those concerns separately and in more depth. One focus of this article is the relationship between simple commodity money and the more complex instruments offered in the commodity markets.

MEETINGA meeting is a gathering of two or more people that has been convened for the purpose of achieving a common goal through verbal interaction, such as sharing information or reaching agreementMeetings may occur face to face or virtually, as mediated by communications technology, such as a telephone conference call, a skyped conference call or a videoconference.Thus a meeting may be distinguished from other gatherings, such as a chance encounter (not convened), a sports game or a concert (verbal interaction is incidental), a party or the company of friends (no common goal is to be achieved) and a demonstration (whose common goal is achieved mainly through the number of demonstrators present, not verbal interaction and the consumption of doughnuts).Commercially, the term is used

by meeting planners and other meeting professionals to denote an event booked at a hotel, convention center or any other venue dedicated to such gatherings.[2] In this sense, the term meeting covers a lecture (one presentation), seminar (typically several presentations, small audience, one day), conference (mid-size, one or more days), congress (large, several days), exhibition or trade show (with manned stands being visited by passers-by), workshop (smaller, with active participants), training course, team-building session and kick-off event.

Types of meetings

Board meetingA board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors. It is often simply referred to as "the board".

In some European Union and Asian countries, there are two separate boards, an executive board, also called corporate executive team,[1] for day-to-day business and a supervisory board, also called board of directors[1] (elected by the shareholders) for supervising the executive board.

A board's activities are determined by the powers, duties, and responsibilities delegated to it or conferred on it by an authority outside itself. These matters are typically detailed in the organization's bylaws. The bylaws commonly also

specify the number of members of the board, how they are to be chosen, and when they are to meet.

In an organization with voting members, e.g., a professional society, the board acts on behalf of, and is subordinate to, the organization's full assembly, which usually chooses the members of the board. In a stock corporation, the board is elected by the stockholders and is the highest authority in the management of the corporation. In a non-stock corporation with no general voting membership, e.g., a university, the board is the supreme governing body of the institution;[2] its members are sometimes chosen by the board itself.[3][4

 Annual general meeting (commonly abbreviated as AGM, also known as the annual meeting) is a meeting that official bodies, and associations involving the public (including companies with shareholders), are often required by law (or the constitution, charter, by-laws etc. governing the body) to hold. An AGM is held every year to elect the board of directors and inform their members of previous and future activities. It is an opportunity for the shareholders and partners to receive copies of the company's accounts as well as reviewing fiscal information for the past year and asking any questions regarding the directions the business will take in the future.

 Extraordinary general meeting,

commonly abbreviated as EGM, is a meeting of members of an organisation, shareholders of a company, or employees of

an official body, which occurs at an irregular time.] The term is usually used where the group would ordinarily hold an annual general meeting (AGM), but where an issue arises which requires the input of the entire membership and is too serious or urgent to wait until the next AGM. Members and/or shareholders must be informed of the purpose of the EGM so that they may attend in a position where they can discuss and exercise intelligent judgment, otherwise any resolutions passed are invalid.

In some settings, this is known as a special general meeting or an emergency general meeting.

The directors of a public company must convene an EGM if the net assets fall to half or less of the amount of its called-up share capital (s142 CA 1985)

Within 21 days from the date of receipt of requisition the directors must send out a notice to convene a meeting within 28 days after the date of giving the notice.

Statutory meeting:Statutory meeting is the first meeting of the members of the public limited company. It is held only once in life of a public company. It can be convened by the directors of the company only.By whom and when held:The statutory meeting is held byEvery public limited company limited by shares.Every company limited by guarantee.Every private company converted into a public company.

How the meeting is convened?It is provided in companies' ordinance that the directors shall send a notice of statutory meeting at least 21 days before the day of the meeting to all the shareholders of the company. The directors shall not send the statutory report duly certified by not less than three directors, one of whom shall be the chief executive of the company.

NOTICE:Notice is the legal concept in which a party is made aware of a legal process affecting their rights, obligations or duties. There are several types of

notice: public notice (or legal notice), actual notice, constructive notice, and implied notice.

The notice will include -

1. The name and address of the organization 2. The date on which it is issued.3. The day, date, time and venue of the meeting.4. The name or title of the group which is to meet.5. The business to be transacted or the agenda of the

meeting.

If the purpose of the meeting or the agenda involves many items, these items are not listed in the notice but in a separate sheet and enclosed with the notice.

Agenda:

Agenda is an official list of items of business to be transacted at a specific meeting. it helps in conducting the meeting in a proper order, minimize irrelevant discussion and preserves continuity in the proceedings. Since it is circulated with the notice, every member can make a mental note of what he wishes to say on each of the topics on the agenda.

The chairman is responsible for creating the agenda. The agenda itself requires insight and understanding of the organization and what must be accomplished and consideration for all the board members and staff’s desires and demands. Here are several suggestions to follow:

MINUTES OF MEETING

Minutes are the official record of the business transacted at a meeting. It is mandatory for organization such as companies to maintain a record of the proceedings of a meeting in theform of minutes. The minutes of a meeting are approved by the members at the next meeting and signed by both the secretary and the chairman.

The minutes of a meeting are useful because it is a written record that can be used for future recall and decision and actions can be based on it. The style of writing the minutes is impersonal and objective. The facts are stated without any additional interpretation or influence on the part of the writer.

Minutes may be created during the meeting by a typist or court recorder, who may use shorthand notation and then prepare the minutes and issue them to the participants afterwards. Alternatively, the meeting can be audio recorded or a group's appointed or informally assigned Secretary may take notes, with minutes prepared later.

It is usually important for the minutes to be terse and only include a summary of discussion and decisions. A verbatim report is typically not useful. The minutes of certain groups, such as a corporate board of directors, must be kept on file and are important legal documents.

REFRENCES:

WWW.WIKIPEDIA.COM

WWW.INVESTOPEDIA.COM

BUSSINESS COMMUNICATION BOOK

INDIAN FINANCIAL SYSTEM

CONCLUSION:

FINANCIAL MARKET IS ONE OF THE MOST IMPORTANT PART OF THE INDIAN ECONOMY