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Unit-07

The document discusses various aspects of shares, bonds, and debentures, focusing on their definitions, classifications, and regulatory frameworks. It outlines the importance of these financial instruments in the market and provides guidelines for their management and compliance. Additionally, it emphasizes the need for proper documentation and adherence to regulations to ensure transparency and efficiency in transactions.
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
0% found this document useful (0 votes)
3 views14 pages

Unit-07

The document discusses various aspects of shares, bonds, and debentures, focusing on their definitions, classifications, and regulatory frameworks. It outlines the importance of these financial instruments in the market and provides guidelines for their management and compliance. Additionally, it emphasizes the need for proper documentation and adherence to regulations to ensure transparency and efficiency in transactions.
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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†kqvi, eÛ I wW‡eÂvi BDwbU

Share, Bond and Debenture 7


f~wgKv
†Kv¤úvwb KZ„©K Bmy¨K…Z †kqvi, eÛ I wW‡eÂvi wewb‡qvMKvix‡`i Rb¨ wewb‡qv‡Mi Drm wn‡m‡e we‡ewPZ nq|
wewb‡qv‡Mi Drm wn‡m‡e e¨eüZ Gme wmwKDwiwUR¸‡jvi wbR¯^ ˆewkó¨, myweav Ges Amyweav i‡q‡Q| G¸‡jvi
cÖ‡Z¨KwUi wbR¯^ ¯^KxqZv i‡q‡Q Ges cÖwZwU †_‡K wewb‡qvMKvixi Avq Ges SzuwK‡Z wfbœZv i‡q‡Q| d‡j GKRb
wewb‡qvMKvixi wewb‡qvM wm×všÍ †bqvi c~‡e© cÖwZwUi wewfbœ w`K m¤ú‡K© we¯ÍvwiZ Rvbv `iKvi| ‡h †Kvb
wewb‡qvMKvwi †Kv¤úvwb KZ…©K Bmy¨K…Z mvaviY †kqvi, AMÖvwaKvi †kqvi, eÛ Ges wW‡eÂvi G‡`i †h‡Kv‡bv GK ev
GKvwaK wmwKDwiwU‡R wewb‡qvM Ki‡Z cv‡i| G BDwb‡U wewb‡qvMKvixi `„wó‡KvY †_‡K Gme wewb‡qvM nvwZqvi
m¤ú‡K© we¯ÍvwiZ Av‡jvPbv Kiv n‡e|

BDwbU mgvwßi mgq BDwbU mgvwßi m‡e©v”P mgq 2 mßvn

GB BDwb‡Ui cvVmg~n
cvV-7.1 : †kqvi, eÛ I wW‡eÂv‡ii avibv, ‡kqv‡ii cÖKvi‡f` I ˆewkó¨|
cvV-7.2 : †kqvi, eÛ I wW‡eÂv‡ii myweav I Amyweav, Zzjbvg~jK cv_©K¨|
cvV-7.3 : evsjv‡`‡ki †kqvievRvi, jf¨vsk I jf¨vsk bxwZ|

g~L¨ kã †kqvi, eÛ, wW‡eÂvi, †kqvi evRvi, jf¨vsk I jf¨vsk bxwZ|


GmGmwm †cÖvMÖvg

†kqvi, eÛ I wW‡eÂv‡ii avibv, ‡kqv‡ii †kÖwYwefvM I


cvV-7.1 ˆewkó¨
D‡Ïk¨
G cvV †k‡l Avcwb-
 †kqvi, eÛ I wW‡eÂv‡ii aviYv e¨vL¨v Ki‡Z cvi‡eb|
 wewfbœ cÖKv‡ii †kqv‡ii †kªwYwefvM e¨vL¨v Ki‡Z cvi‡eb|
 wewfbœ cÖKvi †kqv‡ii ‰ewkó¨mg~n e¨vL¨v Ki‡Z cvi‡eb|

‡kqvi
‡kqvi n‡jv GKwU WKz‡g›U hv †Kv¤úvwbi AvswkK gvwjKvbv Dc¯’vcb K‡i| cÖK…Zc‡ÿ
†kqvi‡nvìviivB †Kv¤úvwbi cÖK…Z gvwjK| GKwU †Kv¤úvwb mvaviY †kqvi ev AMÖvwaKvi †kqvi weµq K‡i BKz¨BwU
gyjab msMÖn Ki‡Z cv‡i| †Kv¤úvwbi †kqvi g~ja‡bi ¶z`ª A_P mgvb cÖ‡Z¨KwU GKK‡K †hfv‡e †kqvi bv‡g
AwfwnZ Kiv nq ÷‡Ki †¶‡Î Zv nIqv Avek¨K bq| GK j¶ UvKvi †kqvi g~jab‡K `k nvRvi †kqv‡i wef³
Kiv n‡j cÖwZwU ‡kqv‡ii gyj¨ `k UvKv n‡e wKš‘ ÷‡Ki †ÿ‡Î cÖwZwU GK‡K mgcwigvY g~‡j¨i n‡Z n‡e Ggb
bq| ÷K‡K myweav Abyhvqx cuvP UvKv, `k UvKv, wek UvKv g~‡j¨i ÷‡K iƒcvšÍi Kiv †h‡Z cv‡i|
‡kqvi‡K ÷‡K cwiYZ Ki‡Z n‡j †Kv¤úvwbi mvaviY mfvq we‡kl cÖ¯vÍ e cvm Ki‡Z nq Ges cÖ¯vÍ e cv‡mi cieZx©
c‡bi w`‡bi g‡a¨ G m¤ú‡K© †Kv¤úvwb wbeÜK‡K AewnZ Ki‡Z nq| Gici m`m¨ m~wP‡Z cÖ‡Z¨K m`‡m¨i bv‡gi
cv‡k ewY©Z Zvi †kqvi cwigv‡Yi ¯’‡j ÷‡Ki cwigvY I g~j¨ D‡jøL Ki‡Z nq| Aek¨ mvaviY mfvi wm×všÍµ‡g
cieZx© mg‡q ÷K‡K cybivq †kqv‡i cwiYZ Kiv hvq| Avgv‡`i Dcgnv‡`‡k †kqvi I ÷‡Ki g‡a¨ cv_©K¨ Kiv
n‡jI hy³iv‡óª †kqvi I ÷‡Ki g‡a¨ †Kv‡bv cv_©K¨ Kiv nq bv| †mLv‡b mvaviYfv‡e †kqvi‡K ÷K ejv n‡q
_v‡K|

eÛ n‡jv `xN©‡gqvw` F‡Yi `wjj hv Bmy¨Kvwi cÖwZôvb‡K GKwU wbw`©ó mgq c‡i GKwU wbw`©ó cwigvY A_©
eÛ‡nvìvi‡K cÖ`v‡b eva¨ K‡i| wewb‡qvMKvix‡`i Rb¨ wewb‡qv‡Mi Av‡iKwU nvwZqvi n‡”Q eÛ| evsiv†`‡k
AwaKvsk †Kv¤úvwb e¨vsK ev Ab¨vb¨ Avw_©K cÖwZôvb †_‡K FY MÖnY K‡i FY g~ja‡bi ms¯’vb K‡i| d‡j
wewb‡qv‡Mi nvwZqvi wn‡m‡e eÛ GLbI Avgv‡`i †`‡k Lye †ewk cwiwPwZ bv †c‡jI mv¤úªwZK mg‡q wewfbœ cÖwZôvb
eÛ Bmy¨ K‡i Znwej msMÖn Ki‡Z ïiæ K‡i‡Q| mvavibZ e‡Ûi GKwU AewnZ g~j¨ _v‡K Ges GKwU wbw`©ó nv‡i
my` cÖ`vb Kiv nq hv Kz¨cb †iU bv‡g cwiwPZ Ges Gi GKwU wbw`©ó †gqv` _v‡K|
wW‡eÂvi
wW‡eÂvi n‡”Q GKwU `xN©‡gqvw` RvgvbZwenxb eÛ| e‡Ûi AwaKvsk ˆewkó¨B wW‡eÂv‡i we`¨gvb| wW‡eÂv‡ii
wecix‡Z †Kv‡bv m¤ú` RvgvbZ ivLv nq bv| wW‡eÂv‡ii wecix‡Z RvgvbZ ivLv nq bv weavq me †Kv¤úvwb‡K
wW‡eÂvi Bmy¨ Kivi AbygwZ cÖ`vb Kiv nq bv| mvaviYZ eo I ¯^bvgab¨ †Kv¤úvwb Ges hviv Avw_©Kfv‡e A‡bK
¯^”Qj Zv‡`i‡K wW‡eÂvi Bmy¨ Kivi AbygwZ cÖ`vb Kiv nq| †hgb: AvBweGg, BDwbwjfvi, ¯‹qvi BZ¨vw`| eÛ I
AMÖvwaKvi †kqv‡ii g‡Zv wW‡eÂviI evsjv‡`‡k Lye †ewk †`Lv hvq bv|
‡kqv‡ii cÖKvi‡f`:
mvavibZ †kqvi‡K `yÕfv‡M fvM Kiv nq:
1. mvavib †kqvi
2. AMÖvwaKvi †kqvi

BDwbU mvZ c„ôv-82


wdb¨vÝ I e¨vswKs

1. mvavib †kqvi: mvavibZ cvewjK wjwg‡UW †Kv¤úvwbi †kqvi Bmy¨ K‡i Znwej msMÖn K‡i _v‡K| ‡kqvi Bmy¨i
gva¨‡g Znwej msMÖn Kiv n‡j Zv‡K BKy¨BwU g~jab wn‡m‡e we‡ePbv Kiv nq| ‡i¸‡jUwi ewWi ev miKv‡ii
AbygwZ wb‡q b~¨bZg g~jab msMÖ‡ni ci msev`c‡Îi gva¨‡g weeiYcÎ Qvwc‡q †Kv¤úvwbwU m¤ú‡K© GKwU aviYv
w`‡q RbM‡Yi wbKU †kqvi µ‡qi Av‡e`b PvIqv nq| Av‡e`b Rgv n‡j †mLvb n‡Z jUvwii gva¨‡g †kqvi eÈb
Kiv nq| d‡j ¶z`ª wewb‡qvMKvixivI †kqvi µq K‡i D³ †Kv¤úvwb‡Z wewb‡qvM Kivi my‡hvM †c‡q _v‡K| GivB
cÖK…Z c‡¶ †Kv¤úvwbi gvwjK| Bnvi gvwjK‡`i †Kv¤úvwb wbqš¿‡Yi c~Y© ¶gZv †`qv nq Ges ¸iæZ¡c~Y© wm×všÍ MÖn‡Y
Zv‡`i †fvUvwaKvi cÖ‡qvM Kivi gva¨‡g †Kv¤úvwb‡K wbqš¿Y Ki‡Z cv‡i| mvaviY †kqvi mn‡R n¯ÍvšÍi‡hvM¨ Ges
wewb‡qvMKvix B‡”Q Ki‡j †h‡Kv‡bv mgq †kqvi n¯ÍvšÍi Ki‡Z cv‡i|
cÖwZôv‡bi jvf n‡j G‡`i g‡a¨B gybvdv jf¨vsk wnmv‡e e›Ub Kiv nq| †kqvi‡nvìvi‡`i wewb‡qvMK…Z A_©
†diZ‡hvM¨ bq| Z‡e bM` A‡_©i cÖ‡qvRb n‡j †kqvi‡nvìviiv †m‡KÛvwi gv‡K©‡U (†hgb: XvKv ÷K G·‡PÄ)
AwaK g~‡j¨ †kqvi weµq K‡i gybvdv AR©b Ki‡Z cv‡i| mvaviYZ jvfRbK †Kv¤úvwbi †¶‡Î †kqvi‡nvìviiv
wbqwgZfv‡e jf¨vsk †c‡q _v‡K| Z‡e jf¨vsk cÖ`v‡bi †Kv‡bv wbw`©ó nvi c~e© wba©vwiZ _v‡K bv| †Kv¤úvwbi Rb¨
jf¨vsk cÖ`vb Kiv eva¨Zvg~jKI bq| gybvdv bv n‡j mvaviYZ jf¨vsk cÖ`vb Kiv nq bv| gybvdv n‡jI m¤ú~Y©
As‡Ki gybvdv jf¨vsk wn‡m‡e eÈb Kiv nq bv| †Kv¤úvwb B‡”Q Ki‡j †h‡Kv‡bv nv‡i jf¨vsk cÖ`vb Ki‡Z cv‡i,
Avevi jf¨vsk bvI cÖ`vb Ki‡Z cv‡i| Z‡e †m‡¶‡Î †kqvi‡nvìvi‡`i Kvw•¶Z cwigvY jf¨vsk cÖ`vb Ki‡Z bv
cvi‡j †m‡KÛvwi gv‡K©‡U †kqv‡ii g~j¨ n«vm cvq, hv †Kv¤úvwbi Rb¨ ÿwZKi| ZvB mvaviY †kqv‡i wewb‡qvM
me‡P‡q SzuwKc~Y© wewb‡qvM wn‡m‡e we‡ewPZ nq| Z‡e SzuwKc~Y© wewb‡qvM nIqvq GiKg †kqvi †_‡K Av‡qi m¤¢vebvI
†ewk _v‡K|
2. AMÖvwaKvi †kqvi: †hme wewb‡qvMKvix †kqv‡i wewb‡qvM †_‡K wbw`©ó nv‡i Avq Ki‡Z Pvq, Zv‡`i Rb¨
AMÖvwaKvi †kqvi GKwU fv‡jv wewb‡qv‡Mi Drm wn‡m‡e we‡ePbv Kiv nq| AMÖvwaKvi †kqvi n‡jv Ggb GK ai‡bi
†kqvi hv Gi †µZv‡K Avw_©K myweav I Aemvq‡bi mgq AMÖvwaKvi cÖ`vb Kiv nq| AMÖvwaKvi †kqv‡nvìvi‡`i
gybvdv e›U‡bi mgq AMÖvwaKvi †`qv nq Ges me© cÖ_g jf¨vsk cÖ`vb Kiv nq| Zvici mvavib †kqvi‡nvìvi‡`i
jf¨vsk e›Ub Kiv nq| Gai‡bi †kqvi‡nvìvi‡`i †fvUvwaKvi ‡bB Ges Giv †Kv¤úvwbi gvwjK bq| A‡bK mgq
AMÖvwaKvi †kqvi GKwU wbw`©ó mgq ci mvaviY †kqv‡i iƒcvšÍi Kivi weKí my‡hvM ‡`qv nq| d‡j wewb‡qvMKvix
B‡”Q Ki‡j GB my‡hvM e¨envi K‡i mvaviY †kqvi gvwjK n‡Z cv‡i|
GQvov I ‡kqvi‡K Av‡iv K‡qK fv‡M fvM Kiv hvq, ‡hgb:
1. ivBU †kqvi
2. ‡evbvm †kqvi
3. wejw¤^Z ‡kqvi
1. ivBU †kqvi: GKwU MV‡bi civeZ©xKv‡j hw` †Kv¤úvwbi A‡_©i cÖ‡qvRb nq Ges G‡ÿ‡Î †kqvi weµq Kivi
mgq cyivZb †kqvi‡nvìviiv †kqvi µ‡qi †ÿ‡Î AMÖvwaKvi †c‡q _v‡K ZLb Zv‡K ivBU †kqvi e‡j| A_©vr
†Kv¤úvwbi g~jab cÖ‡qvRb n‡j Gai‡bi †kqvi weµq Kivi wm×všÍ MÖnY K‡i Ges cyivZb †kqvi gvwjKMY
Gai‡bi †kqvi µq Kivi AwaKvi msiÿb K‡i| Gai‡bi weµq‡hvM¨ †kqvi‡K ivBU †kqvi e‡j|
2. ‡evbvm †kqvi: hLb †Kvb †Kv¤úvwb Zv‡`I AwR©Z wbU gybvdvi GKwU Ask †kqvi gvwjK‡`i g‡a¨ bM`
jf¨vsk wn‡m‡e e›Ub bv K‡i Aew›UZ gybvdv †kqv‡i iƒcvšÍi K‡i ‡gqvi‡nvìvi‡`i g‡a¨ AvbycvwZKnv‡i e›Ub
Kiv nq ZLb Zv‡K †evbvm †kqvi e‡j|
3. wejw¤^Z ‡kqvi: †h ‡kqvi‡nvìvi‡`i mevi †k‡l ev wej‡¤^ jf¨vsk cÖ`vb Kiv nq Zv‡K wejw¤^Z ‡kqvi e‡j|
A_©vr Gai‡bi †kqvi‡Rvìvi‡`i Ab¨vb¨ †kqvi‡nvìvi‡`i jf¨vsk cÖ`vb Kivi c‡i AvbycvwZKnv‡i jf¨vsk
cÖ`vb Kiv nq| Avevi ‡Kv¤úvwb Aemvq‡bi mgqI Gai‡bi †kqvi gvwjK‡`i Avw_©K `vwe mevi †k‡l
cwi‡kva Kiv nq| Gai‡bi ‡kqvi mvavibZ †Kv¤úvwbi cÖeZ©KMY µq K‡i _v‡K| †mRb¨ Gai‡bi †kqvi‡K
cÖeZ©‡Ki †kqvi e‡j AewnZ Kiv nq|

BDwbU mvZ c„ôv-83


GmGmwm †cÖvMÖvg

mvaviY †kqv‡ii ‰ewkó¨


mvavib †kqv‡ii ‰ewkó¨ mgyn wb‡P Av‡jvPbv Kiv n‡jv:
1. gvwjKvbv: mvaviY †kqvi‡nvìviMYB GKwU †Kv¤úwbi cÖK…Z gvwjK| †h †Kvb e¨w³ ev cÖwZôvb †Kv¤úvwbi
mvaviY †kqvi µ‡qi gva¨‡g gvwjKvbv jvf K‡ib| Z‡e Giv †h cwigvY †kqvi avib K‡i †m cwigvY As‡ki
gvwjK ejv nq| A_©vr G‡`i‡K ‡Kv¤úvwbi AvswkK gvwjK ejv nq|
2. Avw¼K gyj¨: Avw¼K g~j¨ ej‡Z †kqv‡ii Mv‡q wjwLZ g~j¨‡K eySvq| cÖwZwU †kqv‡ii GKwU wbw`©ó wjwLZ gyj¨
_v‡K|
3. ‡fvUvwaKvi: mvaviYZ cÖ‡Z¨K mvaviY †kqvi‡nvìviM‡Yi GKwU K‡i †fvU cÖ`v‡bi AwaKvi i‡q‡Q| †kqvi
gvwjKMY †Kv¤úvwbi †h †Kvb ¸iæZ¡c~Y© wel‡q wm×všÍ MÖn‡Yi Rb¨ Zv‡`i †fvUvwaKvi cÖ‡qvM Ki‡Z cv‡i| GB
†fvUvwaKvi cÖ‡qvM K‡i Zviv †Kv¤úvwbi cwiPvjK cl©` wbe©vPb K‡ib| evwl©K mvaviY mfvq GB wbe©vPb
AbywôZ n‡q _v‡K|
4. jf¨vsk: wbU Av‡qi †h Ask †kqvi‡nvìviM‡Yi g‡a¨ e›Ub Kiv nq Zv‡K jf¨vsk e‡j| jf¨vsk cÖ`vb
†Kv¤úvwbi cwiPvjK cl©‡`i wm×v‡šÍi Dci wbf©i K‡i| †ewkifvM †Kv¤úvwb evrmwiK wfwˇZ jf¨vsk cÖ`vb
K‡i _v‡K| jf¨vsk `yÕfv‡e cÖ`vb Kiv nq| †hgb- bM` jf¨vsk Ges ÷K jf¨vsk |
5. mxgve× `vq: †kqvi‡nvìvi‡`i `vq Zv‡`i †kqvi cÖwZ wewb‡qvMK…Z A‡_©i cwigvY Øviv mxgve×| ‡hgb: Zzwg
¯‹qvi dvg©vwmDwUK¨vjm †Kv¤úvwbi 100 UvKv g~‡j¨i 100wU †kqvi µq K‡i‡Q| G‡¶‡Î †Zvgvi `vq 10,000
UvKvi g‡a¨ mxgve× _vK‡e|
6. ‡gqv`: mvaviY †kqv‡ii wbw`©ó †Kvb †gqv` _v‡K bv| GwU cviwcPzqvj ev wPi¯’vqx| hZw`b †Kv¤úvwbi Aw¯ÍZ¡
_vK‡e †kqvi‡nvìviMY ZZw`b H †Kv¤úvwbi gvwjK _vK‡eb| Z‡e Gi gvwjKvbv n¯ÍvšÍi Kiv hvq|
7. ‡Kv¤úvwbi Dci wbqš¿Y: †kqvi‡nvìviMY †Kv¤úvwbi cÖK…Z gvwjK nIqvq Zviv †Kv¤úvwbi hveZxq Kvh©µg
‡fvUvwaKvi cÖ‡qvM Kivi gva¨‡g wbqš¿Y Ki‡Z cv‡i| KviY, †kqv‡nvìvi‡`i Øviv wbe©vwPZ cwiPvjbv cl©`
†Kv¤úvwbi mvwe©K e¨e¯’vcbvi `vwq‡Z¡ _v‡K|

AMÖvwaKvi ‡kqv‡ii ˆewkó¨


wb‡P AMÖvwaKvi †kqv‡ii ˆewkómg~n Av‡jvPbv Kiv n‡jv:
1. jf¨vsk: AMÖvwaKvi †kqv‡ii gvwjKMY jf¨vsk cÖvwßi †ÿ‡Î mvavib †kqvi‡nvìv‡`i †P‡q AMÖvwaKvi cvq Ges
wbw`©ó nv‡i jf¨vsk †c‡q _v‡Kb|
2. cwi‡kva: mvaviYZ AMÖvwaKvi †kqvi g~ja‡bi †¶‡Î Kvb wbw`©ó ZvwiL _v‡K bv| Z‡e we‡kl †¶‡Î Bmy¨Kvix
cÖwZôvb cwi‡kv‡ai e¨vcv‡i wbw`©ó ZvwiL AšÍf~©³ Ki‡Z cv‡i|
3. µgms‡hvwRZ jf¨vsk: †ewkifvM AMÖvwaKvi †kqvi n‡jv µgms‡hvwRZ AMÖvwaKvi †kqvi| †Kvb eQi ch©vß
cwigvY Avq bv nIqvi Kvi‡Y †Kv¤úvwb hw` jf¨vsk cÖ`vb Ki‡Z bv cv‡i †h eQi †Kv¤úvwb gybvdv Ki‡e †mB
eQi †Kv¤úvwb‡K c~‡e©i mKj eQ‡ii AcÖ`Ë ev e‡Kqv jf¨vsk †kqvi gvwjK‡`i cÖ`vb Ki‡Z nq|
4. ‡fvUvwaKvi: mvavib †kqv‡ii gZ AMÖvwaKvi †kqvi †nvìvi‡`i †Kvb †fvUvwaKvi _v‡K bv| Giv †Kvb †fvU
cÖ‡qvM Ki‡Z cv‡i bv|
5. iƒcvšÍi‡hvM¨Zv: eZ©gv‡b AwaKvsk AMÖvwaKvi †kqvi mvavib †kqv‡i iƒcvšÍi Kivi m‡qvM †`qv nq| A_©vr
AMÖvwaKvi †kqvi gvwjKMY GKwU wbw`©ó mgq AšÍi mvaviY †kqv‡i iƒcvšÍi Ki‡Z cv‡i|

BDwbU mvZ c„ôv-84


wdb¨vÝ I e¨vswKs

e‡Ûi ˆewkó¨:
wb‡P wewb‡qvMKvixi `„wó‡KvY †_‡K e‡Ûi ˆewkó¨ mg~n Av‡jvPbv Kiv n‡jv:
1. †dm f¨vjy: AMÖvwaKvi †kqv‡ii AewnZg~j¨ _v‡K| mvavibZ 1000 UvKv AewnZg~‡j¨ eÛ Bmy¨ Kiv nq| GB
g~j¨ e‡Ûi †gqv` c~wZ©‡Z eÛ‡nvìvi‡K Bmy¨Kvwi cÖwZôvb cwi‡kva K‡i _v‡K|
2. RvgvbZ: e‡Ûi wecix‡Z mvaviYZ ¯’vqx m¤úwË RvgvbZ wn‡m‡e ivLv nq| hw` eÛ Dmy¨Kvwi †Kv¤úvwb
wewb‡qvMKvix‡`i cvIbv cwi‡kva Ki‡Z e¨_© nq bv Zvn‡j Gme m¤úwË wewµ K‡i eÛ‡nvìvi‡`i cvIbv A_©
cwi‡kva Kiv nq|
3. cwicK¡Zvi mgq: †Kv¤úvwb KZ…©K Bmy¨K…Z e‡Ûi GKwU wbw`©ó cwicK¡Zvi mgq D‡jøL _v‡K| G Zvwi‡L eÛ
cwicK¡ nq Ges wewb‡qvMKvix e‡Û DwjøwLZ wjwLZ g~j¨ †diZ cvq|
4. FY`vZv: eÛ Bmy¨Kvwi cÖwZôvb‡K FY MÖnxZv wn‡m‡e we‡ePbv Kiv nq Ges e‡Ûi †µZv‡K FY`vZv wn‡m‡e
MY¨ Kiv nq| d‡j eÛ‡nvìvi‡`i †Kvb †fvUvwaKvi _v‡K bv|
5. iƒcvšÍi‡hvM¨Zv: eÛ Bmy¨Kvwi cÖwZôvb A‡bK mgq iƒcvšÍi‡hvM¨ eÛ Bmy¨ K‡i _v‡K| G‡¶‡Î eÛ‡nvìviv
DwjøwLZ kZ© Abymv‡i Zv‡`i aviYK…Z eÛ‡K wbw`©ómsL¨K mvaviY †kqv‡i iƒcvšÍi Ki‡Z cv‡i|
GKRb wewb‡qvMKvixi `„wó‡KvY †_‡K mvaviY †kqvi, AMÖvwaKvi †kqvi, eÛ
wk¶v_©xi KvR I wW‡eÂvi Gi g‡a¨ Zzjbvg~jK cv_©K¨ wePvi Ki Ges G m¤ú‡K© AwR©Z Ávb
hvPvB K‡i Zzwg ‡Zvgvi wkLYKvh©wU SvjvB K‡i †bI|

mvims‡¶c :

‡kqvi n‡jv GKwU WKz‡g›U hv †Kv¤úvwbi AvswkK gvwjKvbv Dc¯’vcb K‡i| cÖK…Zc‡ÿ †kqvi‡nvìviivB
†Kv¤úvwbi cÖK…Z gvwjK| AMÖvwaKvi †kqvi n‡jv Ggb GK ai‡bi †kqvi hv Gi †µZv‡K Avw_©K myweav I
Aemvq‡bi mgq AMÖvwaKvi cÖ`vb Kiv nq| eÛ n‡jv `xN©‡gqvw` F‡Yi `wjj hv Bmy¨Kvwi cÖwZôvb‡K GKwU
wbw`©ó mgq c‡i GKwU wbw`©ó cwigvY A_© eÛ‡nvìvi‡K cÖ`v‡b eva¨ K‡i| wW‡eÂvi n‡”Q GKwU `xN©‡gqvw`
RvgvbZwenxb eÛ|

cv‡VvËi g~j¨vqb-7.1

mwVK Dˇii cv‡k wUK (√√) wPý w`b|


1| GKwU †Kv¤úvwbi cÖK…Z gvwjK Kv‡K ejv nq?
K. ‡kqvi‡nvìvi‡K L. eÛ‡nvìvi‡K
M. FYc‡Îi gvwjK‡K N. cvIbv`vi‡K

2| wb‡Pi †Kvb wmwKDwiwU‡Ri Dci wewb‡qvMKvix‡`i‡K wbw`©ó nv‡i jf¨vsk cÖ`vb Kiv nq?
K. mvaviY †kqvi L. AMÖvwaKvi †kqvi
M. Kzcb eÛ N. wW‡eÂvi

3| wb‡Pi †KvbwU RvgvbZwenxb eÛ?


K. mvaviY †kqvi L. AMÖvwaKvi †kqvi
M. wW‡eÂvi N. wR‡iv K~cb eÛ

BDwbU mvZ c„ôv-85


GmGmwm †cÖvMÖvg

cvV-7.2 †kqvi, eÛ I wW‡eÂv‡ii myweav I Amyweav, Zzjbvg~jK cv_©K¨

D‡Ïk¨
G cvV †k‡l Avcwb-
 ‡kqvi, eÛ I wW‡eÂvi Gi myweav mg~n e¨vL¨v Ki‡Z cvi‡eb|
 ‡kqvi, eÛ I wW‡eÂvi Gi Amyweav mg~n e¨vL¨v Ki‡Z cvi‡eb|
 ‡khvi I AMÖvwaKvi †kqv‡ii g‡a¨ cv_©K¨ mg~n e¨vL¨v Ki‡Z cvi‡eb|

mvavib †kqv‡ii myweav I Amyweav


wewb‡qv‡Mi nvwZqvi wn‡m‡e mvaviY †kqv‡ii wKQy myweav I Amyweav i‡q‡Q| †m¸‡jv ms‡ÿ‡c Av‡jvPbv
Kiv n‡jv:
myweav
1. AwaK Avq: GKwU fvj mvaviY †kqvi wewb‡qvM Kiv n‡j wewb‡qvMKvixi Rb¨ fv‡jv Av‡qi Drm n‡Z cv‡i|
wewb‡qv‡Mi Ab¨vb¨ Drm †hgb: AMÖvwaKvi †kqvi, eÛ I wW‡eÂvi †_‡K wewb‡qvMKvixiv wbw`©ó nv‡I Avq †c‡q
_v‡K| wKš‘ mvaviY †kqvi †_‡K Avq wbw`©ó _v‡K bv| d‡j †Kv¤úvwb AwaK Avq Ki‡j wewb‡qvMKvix‡`i cÖvß
AvqI e„w× cvq|
2. mxgve× `vq: mvaviY †kqvi gvwjKiv †hŠ_fv‡e †Kv¤úvwbi SzuwK enb K‡i| †Kv‡bv Ae¯’v‡ZB GKRb
wewb‡qvMKvixi SzuwK Zvi wewb‡qvMK…Z A‡_©i AwaK nq bv| ZvB mvavib ‡kqvi‡nvìvi‡`I `vq Zv‡`i †kqv‡ii
cwigvY Øviv mxgve× _v‡K|
3. Zvij¨: mvaviY †kqvi wewb‡qvMKvixi Kv‡Q Zij m¤ú` wn‡m‡e MY¨ nq| KviY †h‡Kv‡bv mgq mvaib †kqvi
wewµ K‡i bM` UvKvq iƒcvšÍi Kiv hvq|
Amyweav
1. SzuwK: mvaviY †kqv‡i wewb‡qvM A‡c¶vK…Z AwaK SzuwKc~Y|© †kqvievRv‡i A‡bK dUKv wewb‡qvMKvix ev Ryqvwo
_v‡K hviv †kqv‡ii g~j¨‡K cÖfvweZ K‡i _v‡K| d‡j mwVK †kqv‡i wewb‡qvM Ki‡Z bv cvi‡j ¶wZ nIqvi Avk¼v
‡e‡o hvq|
2. gybvdv I m¤úwË eȇb AwaKvi: ‡Kv¤úvwbi jf¨vsk eȇbi mgq AMÖvwaKvi †kqvi, eÛ I FYc‡Îi gvwjK‡`i
cÖvß Avq mevi Av‡M cwi‡kva Kiv nq Zvici hw` †Kvb A_© Aewkó _v‡K Zv mvaviY †kqvi gvwjK‡`i g‡a¨ e›Ub
Kiv nq| Avevi †Kv¤úvwb Aemvqb mgq m¤úwË wewµ †_‡K cÖvß A_© w`‡q mKj `vq cwi‡kva Kivi ci Aewkó
A_© †kqvi gvwjK‡`I gv‡S e›Ub Kiv nq| A_©vr, Dfq †¶‡ÎB AMÖvwaKvi †kqvi, eÛ I FYcÎ gvwjK‡`i `vwe
c~i‡Yi †ÿ‡Î mvaviY †kqvi gvwjK‡`i †P‡q AMÖvwaKvi cÖ`vb Kiv nq|
AMÖvwaKvi †kqv‡ii myweav I Amyweav
wewb‡qvMKvixi `„wó‡KvY †_‡K AMÖvwaKvi †kqv‡ii wKQz myweav I Amyweav i‡q‡Q| wb‡¤œ †m¸‡jv Av‡jvPbv Kiv
n‡jv:
myweav
1. wbw`©ó nv‡i Avq: AMÖvwaKvi †kqvi gvwjK‡`i‡K wbw`©ó nv‡i jf¨vsk cÖ`vb Kiv nq| d‡j G‡`i Avq mvavibZ
wbwðZ _v‡K|

BDwbU mvZ c„ôv-86


wdb¨vÝ I e¨vswKs

2. jf¨vs‡ki Dci AMÖvwaKvi: jf¨vsk cÖ`v‡bi mgq AMÖvwaKvi †kqvi gvwjK‡`i‡K mvaviY †kqvi gvwjK‡`i †P‡q
AMÖvwaKvi cÖ`vb Kiv nq| mevi Av‡M G‡`i‡K jf¨vsk cÖ`vb Kiv nq|
3. m¤ú‡`i Dci `vwe: †Kv¤úvwb Aemvqb ev wejywßi mgq m¤ú‡`i Dci AMÖvwaKvi †kqvi gvwjK‡`i `vwe mvaviY
†kqvi gvwjK‡`i `vwei c~‡e© cwi‡kva Kiv nq| Z‡e FYc‡Îi gvwjK‡`i `vwei c~iY Kivi ci G‡`i `vwe c~iY
Kiv nq|
Amyweav
1. wbqš¿Y: AMÖvwaKvi †kqvi gvwjK‡`i †Kv‡bv †fvUvwaKvi cÖ‡qvM Kivi AwaKvi _v‡K bv| d‡j Giv ‡fvUvwaKvi
cÖ‡qvM K‡i †Kv¤úvwbi Dci wbqš¿Y cÖwZôv Ki‡Z cv‡I bv|
2. mxwgZ Avq: AMÖvwaKvi †kqvi gvwjK‡`i Avq mxwgZ KviY G‡`i‡K wbw`©ó nv‡i jf¨vsk cÖ`vb Kiv nq| _v‡K|
d‡j †Kv¤úvwb AwZwi³ gybvdv Ki‡jI AMÖvwaKvi †kqvi gvwjK‡`i‡K †Kvb AwZwi³ jf¨vsk cÖ`vb Kiv nq bv|

e‡Ûi myweav I Amyweav


eÛ n‡jv GKwU `xN©‡gqvw` F‡Yi `wjj| Gi wKQz myweav I Amyweav i‡q‡Q| †m¸‡jv wb‡P Av‡jvPbv Kiv n‡jv:
myweav
1. my‡`i nvi: e‡Ûi †ÿ‡Î my‡`i nvi wbw`©ó _v‡K d‡j e‡Û wewb‡qvMKvix‡`i AvqI wbw`©ó _v‡K| d‡j Zv‡`i
Av‡qi wbwðqZv _v‡K|
2. SzuwK Kg: eÛ Bmy¨Kvwi cÖwZôvb‡K e‡Ûi wecix‡Z ¯’vqx ev Ab¨vb¨ m¤úwË RvgvbZ wn‡m‡e ivL‡Z nq| d‡j
e‡Û wewb‡qvMKvix‡`i SzuwK Kg _v‡K|
3. gybvdv Ges m¤ú‡`i Dci AwaKvi : †Kv¤úvwbi wbU gybvdv †_‡K me©c_Ö g eÛ gvwjK‡`i my` cÖ`vb Kiv nq Ges
†Kv¤úvwb wejywß ev Aemvq‡bi mgq m¤ú` wewµ †_‡K cÖvß A_© w`‡q me©c_Ög eÛ gvwjK‡`i cvIbv UvKv cwi‡kva
Kiv nq| A_v©r †h †Kvb Avw_©K `vwe c~i‡Yi mgq eÛ gvwjK‡`i `vwe mvaviY Ges AMÖvwaKvi †kqvi gvwjK‡`i
`vwei c~‡e© cwi‡kva Kiv nq|

Amyweav
1. Kg Avq nvi: mvaviY †kqvi Ges AMÖvwaKvi †kqv‡ii Zzjbvq eÛ Kg SzuwKc~Y© nIqvq eÛ gvwjK‡`i Avq nviI
Kg nq|
2. wbqš¿Y: eÛ gvwjK‡`i †fvUvwaKvi _v‡K bv d‡j eÛ gvwjKiv †fvUvwaKvi cÖ‡qvM K‡i †Kv¤úvwb‡K wbqš¿Y
Ki‡Z cv‡‡i bv|

wW‡eÂv‡ii myweav I Amyweav


wewb‡qv‡Mi nvwZqvi wn‡m‡e wW‡eÂv‡ii wKQz myweav I Amyweav i‡q‡Q| †m¸‡jv wb‡P Av‡jvPbv Kiv n‡jv:

myweav
1. wbqwgZ Avq: wW‡eÂviI GK ai‡bi eÛ| ZvB G†`i‡K e‡Ûi b¨vq wW‡eÂv‡i wewb‡qvMKvix‡`i‡K GKwU wbw`©ó
nv‡i wbw`©ó mgq AšÍi AšÍi †gqv` c~wZ© ch©šÍ my` cÖ`vb Kiv nq|
2. wbw`©ó †gqv`: wW‡eÂvi mvavibZ GKwU wbw`©ó †gqv‡`i Rb¨ Dmy¨ Kiv nq| ZvB A‡bK wewb‡qvMKvix GwU‡Z
wewb‡qvM Ki‡Z AvMÖnx nq|

Amyweav
1. RvgvbZwenxb: wW‡eÂv‡ii wecix‡Z †Kvb m¤ú` RvgvbZ ivLv nq bv| d‡j GwU Ab¨vb¨ e‡Ûi †P‡q AwaK
SzuwKc~Y|©

BDwbU mvZ c„ôv-87


GmGmwm †cÖvMÖvg

2. wbqš¿Y: ‡h‡nZz wW‡eÂviI GKai‡bi eÛ ZvB GwUi gvwjK‡`iI †fvUvwaKvi _v‡K bv| d‡j †Kv¤úvwbi
cwiPvjbvi †ÿ‡Î wW‡eÂvi gvwjKiv wbqš¿Y Ki‡Z cv‡i bv|
3. gybvdv I m¤ú‡` AwaKvi: eÛ gvwjK‡`i my` cwi‡kva Kivi ci wW‡eÂvi gvwjK‡`i my` cwi‡kva Kiv nq|
Abyiƒcfv‡e †Kv¤úvwbi wejywß ev Aemvq‡bi mgqI eÛ gvwjK‡`i Avw_©K `vwe cwi‡kv‡ai ci wW‡eÂvi gvwjK‡`i
cvIbv cwi‡kva Kiv nq|

mvaviY †kqvi I AMÖvwaKvi †kqv‡ii g‡a¨ cv_©K¨


mvaviY †kqvi I AMÖvwaKvi †kqvi †hŠ_g~jabx †Kv¤úvwbi g~jab msMÖ‡ni Ab¨Zg Drm wn‡m‡e e¨eüZ nq| G‡`i
g‡a¨ †ek wKQz cv_©K¨ i‡q‡Q| †m¸‡jv wb‡P Av‡jvPbv Kiv n‡jv:
cv_©‡Ki welq mvaviY †kqvi AMÖvwaKvi †kqvi
1. msÁv ‡kqvi n‡jv GKwU WKz‡g›U hv †Kv¤úvwbi †h †kqvi gvwjK‡`i jf¨vsk
AvswkK gvwjKvbv Dc¯’vcb K‡i| cÖK…Zc‡ÿ cÖ`vb I Ab¨vb¨ Avw_©K `vwe
†kqvi‡nvìviivB †Kv¤úvwbi cÖK…Z gvwjK| cwi‡kv‡ai mgq AMÖvwaKvi cÖ`vb
Kiv nq Zv‡K AMÖvwaKvi †kqvi
e‡j|
2. jf¨vsk cÖvwß GwUi jf¨vs‡ki nvi wbw`©ó _v‡K bv| ‡Kv¤úvwbi GwUi Dci wbw`©ó nv‡i jf¨vsk
cwiPvjKM‡Yi wm×všÍ Abymv‡i jf¨vsk cÖ`vb cÖ`vb Kiv nq|
Kiv nq|
3. †fvUvwaKvi mvaviY †kqvi‡nvìviM‡Yi †fvUvwaKvi i‡q‡Q| AMÖvwaKvi †kqvi‡nvìviM‡Yi
†fvUvwaKvi †bB|
4. `vq cwi‡kva ‡Kv¤úvwb we‡jvc ev Aemvq‡bi mgq eÛ I ‡Kv¤úvwb we‡jvc ev Aemvq‡bi
AMÖvwaKvi †kqvi gvwjK‡`i `vq †gUv‡bvi ci mgq FY ev FYc‡Îi gvwjK‡`i
mvaviY †kqvigvwjK‡`i cvIbv cwi‡kva Kiv cvIbv †gUv‡bvi ci G‡`I cvIbv
nq| cwi‡kva Kiv nq|
5. †gqv` mvaviY †kqv‡ii †gqv` wPi¯’vqx| AMÖvwaKvi †kqvi wPi¯’vqx ev
cwi‡kva¨ n‡Z cv‡i|
6. µg‡hvwRZ ch©vß cwigvY gybvdv AwR©Z n‡jB ‡Kej Gi ch©vß cwigv‡Y gybvdv bv n‡j
jf¨vsk Dci jf¨vsk cÖ`vb Kiv nq| jf¨vsk cÖ`v‡b e¨_© n‡j
cieZx©Kv‡j gybvdv AwR©Z n‡j
e‡Kqv jf¨vsk mn jf¨vsk cÖ`vb
Kiv Ki‡Z nq|
8. iƒcvšÍi‡hv¨Zv GwU‡K AMÖvwaKvi †kqv‡i iƒcvšÍi Kiv hvq bv| GwU‡K kZ© Abyhvqx mvaviY
†kqv‡i iƒcvšÍi Kiv hvh|

‡kqvi, eÛ I wW‡eÂvi Gi myweav I Amyweav I G‡`i g‡a¨ cv_©K¨ K‡i K‡i


wk¶v_©xi KvR
G m¤ú‡K© AwR©Z Ávb hvPvB K‡i Zzwg ‡Zvgvi wkLYKvh©wU SvjvB K‡i †bI|

BDwbU mvZ c„ôv-88


wdb¨vÝ I e¨vswKs

mvims‡¶c :
mvaviY †kqv‡ii myweav¸‡jv n‡jv: AwaK Avq, Zvij¨Zv I mxgve× `vq Ges Amyweav ¸‡jv n‡jv: AwaK SzuwK I
mevi c‡i gybvdv I Avw_©K `vwe cwi‡kva Kiv nq| AMÖvwaKvi †kqv‡ii myweav n‡jv: jf¨vsk I Avw_©K `vwe
cwi‡kv‡ai mgq AMÖvwaKvi †`Iqv nq Avi Amyweav n‡jv: †Kv¤úvwbi Dci G‡`i †Kvb wbqš¿b _v‡K bv Ges
AwaK Avq n‡jI Giv wbw`©ó jf¨vsk †c‡q _v‡K| eÛ Ges wW‡eÂvi Gi †ÿ‡Î wbw`ó nv‡I my` cÖ`vb Ki nq
Ges †Kv¤úvwbi Dci G‡`i ‡Kvb wbqš¿Y _v‡K bv|

cv‡VvËi g~j¨vqb-7.2

√) wPý w`b|
mwVK Dˇii cv‡k wUK (√
1| wb‡Pi †KvbwUi †fvU †`Iqvi AwaKvi i‡q‡Q?
K. ‡kqvi L. AMÖvwaKvi †kqvi
M. eÛ N. wW‡eÂvi

2| wb‡Pi †KvbwU ‡ÿ‡Î me©‡kl jf¨vsk cÖ`vb Kiv nq?


K. eÛ L. ‡kqvi
M. AMÖvwaKvi †kqvi N. wW‡eÂvi

3| wb‡Pi †KvbwU Bmy¨ Kivi mgq †Kvb m¤ú` RvgvbZ ivLv nq bv?
K. ‡kqvi L. eÛ
M. AMÖvwaKvi †kqvi N. wW‡eÂvi

BDwbU mvZ c„ôv-89


GmGmwm †cÖvMÖvg

cvV-7.3
 evsjv‡`‡ki †kqvievRvi, jf¨vsk I jf¨vsk bxwZ
D‡Ïk¨
G cvV †k‡l Avcwb-
 evsjv‡`‡ki †kqvi evRvi m¤ú‡K© e¨vL¨v Ki‡Z cvi‡eb|
 ‡kqvi evRv‡i wewb‡qvM c×wZ e¨vL¨v Ki‡Z cvi‡eb|
 jf¨vsk I jf¨vsk bxwZ e¨vL¨v Ki‡Z cvi‡eb|

evsjv‡`‡ki †kqvievRvi
†kqvievRvi‡K g~jab evRvi ejv nq Ges GKwU †`‡ki A_©‰bwZK Dbœq‡b ¸iæZ¡c~Y© f~wgKv cvjb
K‡i| GRb¨ wewb‡qvMKvix‡`i cÖZ¨vkv _v‡K †kqvievRvi †hb myôzfv‡e cwiPvwjZ nq| †kqvievRv‡i wewb‡qvM
GKwU AZ¨šÍ SzuwKc~Y© wewb‡qvM| AZGe, GLv‡b wewb‡qvM m¤ú‡K© mwVK aviYv bv _vK‡j Avw_©K ÿwZ nIqvi
m¤¢vebv †e‡o hvq| GLv‡b wewb‡qvM Kivi c~‡e© †Kv¤úvwb¸‡jvi wewfbœ Z_¨ †hgb: †kqvicÖwZ Avq (BwcGm), cÖvBm
Aviwbsm †iwkI, jf¨vsk cÖ`v‡bi aib, †kqvi cÖwZ wbU m¤ú` g~j¨, e¨emv‡qi aib BZ¨vw` we‡kølY Kiv cÖ‡qvRb|
†Kv¤úvwb¸‡jvi cvkvcvwk wewfbœ wkí LvZ Ges †`‡ki A_©‰bwZK Ae¯’v m¤ú‡K© ch©vß Ávb AR©b I evRvi
we‡klÁ‡`i civgk© wb‡q wewb‡qvM wm×všÍ MÖnY Ki‡Z n‡e| ¸Re ev wg_¨v Z‡_¨i Dci wfwË K‡i wewb‡qvM Ki‡j
Avw_©K ÿwZ nIqvi m¤¢ebv †ewk|
†kqvi Bmy¨Kvix cÖwZôvb Ges †kqvi µq-weµq myôzfv‡e m¤úv`‡bi Rb¨ mycwÖ ZwôZ ‡kqvi evRvi cÖ‡qvRb|
Gai‡bi cÖwZôvb‡K ÷K G·‡PÄ e‡j| ‡Kv¤úvwb¸‡jv ÷K G·‡PÄ Gi gva¨‡g ‡kqvi Bmy¨ Kivi gva¨‡g Znwej
msMÖn K‡i Ges wewb‡qvMKvix‡`I †kqvi µq-weµ‡qi e¨e¯’v K‡I _v‡K| evsjv‡`‡k `yÕwU ÷K G·‡PÄ i‡q‡Q|
1) XvKv ÷K G·‡PÄ wjwg‡UW
2) PÆMÖvg ÷K G·‡PÄ wjwg‡UW
G `yÕwU ÷K G·‡P‡Ä wewfbœ †Kv¤úvwbi mvaviY †kqvi, wgDPzqvj dvÛ, wW‡eÂvi Ges eÛ BZ¨vw` µq weµq nq|
wewb‡qvM wm×všÍ MÖn‡Yi myweav‡_© ÷K G·‡P‡Ä ZvwjKvfy³ †Kv¤úvwbi †kqvi¸‡jv‡K G,we, wR, Gb Ges †RW
BZ¨vw` †kªwY‡Z wef³ Kiv n‡q‡Q| G `yÕwU ÷K G·‡PćK MwZkxj Kivi Rb¨ cÖwZwôZ n‡q‡Q evsjv‡`k
wmwKDwiwUR GÛ G·‡PÄ Kwgkb|
wb‡P G`yÕwU ÷K G·‡PÄ m¤ú‡K© ms‡¶‡c Av‡jvbv Kiv n‡jv:
1. XvKv ÷K G·‡PÄ: evsjv‡`ki me©c_Ö g I me©e„nr gva¨wgK †kqvievRvi n‡jv XvKv ÷K G·‡PÄ | 1913
mv‡ji †Kv¤úvwbi AvB‡bi AvIZvq GwU GKwU AjvfRbK cÖwZôvb wn‡m‡e 1954 mv‡j wbewÜZ n‡q East
Pakistan Stock Exchange Association Ltd. bv‡g 1956 mv‡j hvÎv ïiæ K‡i| 1962 mv‡j G cÖwZôv‡bi bvg
cwieZ©b K‡i ivLv nq “East Pakistan Stock Exhange Ltd.” Ges 1964 mv‡j Zv cybivq cwiewZ©b K‡i eZ©gvb
XvKv ÷K G·‡PÄ bvg Kib Kiv nq| †`k ¯^vaxb nIqvi c~‡e© 1971 mv‡j XvKv ÷K G·‡P‡Äi ZvwjKvfy³
†Kv¤úvwbi msL¨v wQj 196wU hvi cwi‡kvwaZ gyja‡bi cwigvY wQj 400 (PvikZ) †KvwU UvKv| eZ©gv‡b XvKv ÷K
G·‡P Gi †Kv¤úvwbi msL¨v n‡jv 563 wU | GwU 18 m`m¨ wewkó †evW© Øviv cwiPvwjZ nq| †kqvi µ‡qi
gva¨‡gB ïaygvÎ G cÖwZôv‡bi m`m¨ nIqv hvq Ges †jb‡`‡b AskMÖnY Kiv hvq| mvaviYZ †kqvievRv‡ii MwZ ev
mvwe©K Ae¯’v eySvi Rb¨ m~PK e¨envi Kiv nq| XvKv ÷K G·‡P‡Ä wZbwU m~PK e¨envi nq| ‡hgb:
K. wWGmB eªW m~PK
L. wWGmBGm m~PK Ges

BDwbU mvZ c„ôv-90


wdb¨vÝ I e¨vswKs

M. wWGmB 30 m~PK
2. PÆMÖvg ÷K G·‡PÄ: †`‡ki wØZxq ÷K G·‡PÄ n‡jv wmGmB| 1695 mv‡ji 10B A‡±vei n‡Z G cÖwZôvbwU
XvKv G·‡P‡Äi b¨vq †Kv¤úvwb AvB‡bi AvIZvq AjvfRbK ms¯’v wn‡m‡e wbewÜZ n‡q (wbeÜK ZvwiL:
1.4.1995) †UªwWs ïiæ K‡i| ïiæ‡Z Gi ZvwjKvfy³ wmwKDwiwU‡Ri msL¨v wQj 30wU Ges cwi‡kvwaZ †kqvi gyjab
I wW‡eÂvimn Gi †gvU gyja‡bi cwigvY wQj 215.4 †KvwU UvKv| GwU XvKv ÷K G·‡P‡Äi g‡Zv 18 m`m¨ wewkó
†evW© Øviv cwiPvwjZ nq| Gi D‡Ïk¨, bxwZ I Kvh©vewj XvKv ÷K G·‡P‡Äi Abyiƒc| 2015 mv‡ji 26 †k
†deªæqvwi Zvwi‡L Gi ZvwjKvfy³ wmwKDwiwUR Gi msL¨v wQj 289 Ges evRvi g~ja‡bi cwigvY wQj 257146.40
†KvwU UvKv| eZ©gv‡b PÆMÖvg ÷K G·‡PÄ Gi †Kv¤úvwbi msL¨v n‡jv 296 wU| XvKv ÷K G·‡P‡Äi g‡Zv GwU‡ZI
wZbwU m~PK e¨envi nq| ‡hgb:
K. wmGmB mKj †kqvig~j¨ m~PK
L. wmGmBG· m~PK
M. wmGmB 30 m~PK
†kqvievRv‡i wewb‡qvM c×wZ
`yÕwU Dcv‡q †kqvi evRv‡i wewb‡qvM Kiv n‡q _v‡K| ‡hgb:
1. cÖv_wgK evRvi (Primary Market) I
2. †m‡KÛvwi evRvi (Secondary Market) Gi gva¨‡g|
1. cÖv_wgK evRvi (Primary Market): GKwU †Kv¤úvwb †h evRv‡i †kqvi wewµi cÖ_g cÖ¯vÍ e (Initial public
offer) K‡i, †m evRvi‡K cÖv_wgK evRvi e‡j| †Kv‡bv †Kv¤úvwb cÖ_g ev‡ii g‡Zv †kqvi wewµ Ki‡j †mwU‡K
†kqvi wewµi cÖ_g cÖ¯Íve e‡j| GKRb wewb‡qvMKvix †Kv‡bv †Kv¤úvwbi †kqvi wewµi cÖ_g cÖ¯vÍ ‡e AskMÖnY K‡i
jUvwii gva¨‡g †kqvi µq Kivi my‡hvM cvq| G evRv‡i GKeviB †kqvi wewµ Kiv nq| A_©vr evi evi †jb‡`b
Kiv nq bv|
2. †m‡KÛvwi evRvi (Secondary Market): GwU GKwU Avw_©K evRvi †hLv‡b cÖv_wgK evRv‡ii gva¨‡g Bym¨K…Z
†kqvi evi evi †jb‡`b nq| A_©vr †h evRv‡i wewb‡qvMKvwiiv wbqwgZ ev evisevi †kqvi µq-weµq Ki‡Z cv‡i
†m evRvi‡K †m‡KÛvwi evRvi ejv nq| †hgb: XvKv ÷K G·‡PÂ I PÆMÖvg ÷K G·‡PÂ BZ¨vw`|

jf¨vsk I jf¨vsk bxwZ


GKwU †Kv¤úvwbi weµq Avq n‡Z F‡Yi my`, Ki, FYc‡Îi my` Ges AMÖvwaKvi †kqv‡ii jf¨vsk ev` †`Iqvi ci
hv Aewkó _v‡K Zv‡K wbU gybvdv e‡j|GB wbU gybvdv jf¨vsk AvKv‡i †kqvi‡nvìv‡`i g‡a¨ e›Ub Kiv nq|
mvaviYZ †Kv¤úvwb AwR©Z gybvdvi m¤ú~Y© Ask †kqvi‡nvìv‡i`‡i g‡a¨ eÈb K‡i bv| Gi wKQy Ask jf¨vsk
AvKv‡i e›Ub Kiv nq Ges wKQz Ask e¨emv‡q †i‡L †`Iqv nq fwel¨‡Z wewb‡qvM K‡i AwaKnv‡i gybvdv AR©‡bi
cÖZ¨vkvq| wbU gybvdvi †h Ask †kqvi gvwjK‡`i g‡a¨ eÈb Kiv nq Zv‡K jf¨vsk (Dividend) ejv nq| Avi †h
Ask e›Ub bv K‡i e¨emv‡q †i‡L †`Iqv nq Zv‡K ‡diZ Avq (Retained Earnings) e‡j|
mvaviYZ jf¨vsk `yBfv‡M fvM Kiv hvq:
1. bM` jf¨vsk (Cash Dividend)
2. ÷K jf¨vsk (Stock Dividend)
1. bM` jf¨vsk (Cash Dividend): wbU gybvdvi †h Ask †kqvi‡nvìvi‡`i g‡a¨ bM` UvKvq e›Ub Kiv nq Zv‡K
bM` jf¨vsk ejv nq| D`vniY¯^iƒc: wWweGBP †Kv¤úvwb wjwg‡UW 15% bM` jf¨vsk †NvlYv K‡i‡Q| G‡ÿ‡Î hw`
GKRb †kqvi‡nvìvi H †Kv¤úvwbi 10 UvKv g~‡j¨i 1000 †kqvi aviY K‡i| Zvn‡j H e¨w³ bM` jf¨vsk wn‡m‡e
(10×1000) × 15% = 1500 UvKv cv‡e|

BDwbU mvZ c„ôv-91


GmGmwm †cÖvMÖvg

2. ÷K jf¨vsk (Stock Dividend): hLb GKwU †Kv¤úvwb bM` jf¨vs‡ki cwie‡Z© ÷K cÖ`vb K‡i ZLb Zv‡K ÷K
jf¨vsk e‡j| mvaviYZ eZ©gv‡b Bmy¨K…Z †kqv‡ii Dci AvbycvwZK nv‡i ÷K jf¨vsk w`‡q _v‡K| d‡j †Kv¤úvwbi
†kqv‡ii msL¨v e„w× cvq| D`vniY¯^iƒc: weGmwm wjwg‡UW eZ©gv‡b 10 UvKv g~‡j¨i 1 †KvwU †kqvi Av‡Q| hw`
†Kv¤úvwb 50 kZvsk ev 2:1 Abycv‡Z ÷K jf¨vsk †NvlYv K‡i| Zvn‡j wewb‡qvMKvixi eZ©gv‡b 1000wU †kqvi
_vK‡j ÷K jf¨vsk cvIqvi ci Zvi †kqv‡ii msL¨v n‡e 1,500wU Ges †Kv¤úvwbi †gvU Bmy¨K…Z †kqvi n‡e 1.5
†KvwU|
jf¨vsk bxwZ
cÖwZwU †Kv¤úvwb‡K cÖwZeQi jf¨vsk msµvšÍ wm×všÍ MÖnY Ki‡Z nq| wbU gybvdvi KZ Ask jf¨vsk AvKv‡i e›Ub
Kiv n‡e Ges KZ Ask e›Ub bv K‡i †i‡L †`Iqv n‡e, bM` jf¨vsk bv ÷K ‡`Iqv n‡e BZ¨vw` wel‡q wm×všÍ
MÖnY Ki‡Z nq| GKwU †Kv¤úvwbi jf¨vsk e›Ub msµvšÍ bxwZgvjv‡K jf¨vsk bxwZ e‡j|
mvaviYZ jf¨vsk bxwZ wZb cÖKvi n‡q _v‡K| †hgb:
1. w¯’wZkxj UvKv jf¨vsk bxwZ : G bxwZ Abyhvqx cÖwZeQi AwR©Z gybvdv n‡Z mgcwigvY UvKv jf¨vsk †`qv nq|
D`vniY¯^iƒc: hw` GwmAvBdig~jv †Kv¤úvwb wjwg‡UW cÖwZeQi †kqvicÖwZ 5 UvKv jf¨vsk ‡`q Zvn‡j GwU‡K
w¯’wZkxj jf¨vsk bxwZ ejv n‡e| G bxwZ Abyhvqx †kqvicÖwZ Avq e„w× †c‡jI weMZ eQi¸‡jv‡Z cÖ`Ë jf¨vs‡ki
mgcwigvY jf¨vsk cÖ`vb Kiv nq| mvaviYZ G c×wZ‡Z jf¨vs‡ki cwigvY K‡g bv|
2. jf¨vsk cÖ`vb AbycvZ bxwZ: G bxwZ Abyhvqx †Kv¤úvwb cÖwZeQi Av‡qi KZ Ask jf¨vsk cÖ`vb Ki‡e Zv
wba©vib Kiv nq| G bxwZ Abymv‡i †Kv¤úvwb cÖwZeQi AvbycvwZK nv‡i jf¨vsk cÖ`vb K‡i _v‡K| D`vniY¯^iƒc, hw`
GKwU †Kv¤úvwb 50% jf¨vsk cÖ`v‡bi AvbycvwZK nvi wba©viY K‡i| Zvn‡j hw` †Kv¤úvwbi AwR©Z Avq 4 †KvwU
UvKv nq, Zvn‡j jf¨vsk wn‡m‡e †kqvi gvwjK‡`i 4 †KvwU × 50% ev 2 †KvwU UvKv cÖ`vb Kiv n‡e|
3. w¯’i jf¨vsk mv‡_ AwZwi³ jf¨vsk bxwZ: †hme †Kv¤úvwbi Avq w¯’wZkxj ev wbqwgZ bq, †mme †Kv¤úvwbi Rb¨
GwU GKwU Av`k© jf¨vsk bxwZ| G bxwZ Abyhvqx †Kv¤úvwb cÖwZeQi b~¨bZg w¯’wZkxj jf¨vs‡ki mv‡_ AwZwi³
jf¨vsk cÖ`vb K‡i| Ab¨vb¨ jf¨vsk bxwZi Zzjbvq GwU A‡bK bgbxq weavq A‡bK †Kv¤úvwb GB jf¨vsk bxwZ
AbymiY K‡i|
evsjv‡`‡ki †kqvi evRvi Ges †kqvi evRv‡i wewb‡qvM c×wZ cvkvcvwk
wk¶v_©xi KvR jf¨vsk bxwZ mg~n m¤ú‡K© AwR©Z Ávb hvPvB K‡i Zzwg ‡Zvgvi wkLYKvh©wU
SvjvB K‡i †bI|

mvims‡¶c :
†kqvievRvi‡K g~jab evRvi ejv nq| evsjv‡`‡k `yÕwU ÷K G·‡PÄ i‡q‡Q| h_v: 1. XvKv ÷K G·‡PÄ
wjwg‡UW I 2. PÆMÖvg ÷K G·‡PÄ wjwg‡UW| `yÕwU Dcv‡q †kqvi evRv‡i wewb‡qvM Kiv n‡q _v‡K| ‡hgb:
cÖv_wgK evRvi (Primary Market): GKwU †Kv¤úvwb †h evRv‡i †kqvi wewµi cÖ_g cÖ¯vÍ e (Initial public offer)
K‡i, †m evRvi‡K cÖv_wgK evRvi e‡j I †m‡KÛvwi evRvi (Secondary Market): †h evRv‡i wewb‡qvMKvwiiv
wbqwgZ ev evisevi †kqvi µq-weµq Ki‡Z cv‡i †m evRvi‡K †m‡KÛvwi evRvi ejv nq| wbU gybvdvi †h Ask
†kqvi gvwjK‡`i g‡a¨ eÈb Kiv nq Zv‡K jf¨vsk (Dividend) ejv nq|

BDwbU mvZ c„ôv-92


wdb¨vÝ I e¨vswKs

cv‡VvËi g~j¨vqb-7.3

mwVK Dˇii cv‡k wUK (√ √) wPý w`b|


1| AMÖvwaKvi †kqvi gvwjK‡`i Amyweav †KvbwU?
K. wbw`©ó nv‡i Avq L. mxgve× `vq
M. Amxg Avq N. gybvdvi Dci AMÖvwaKvi
2| wbU gybvdvi GKwU Ask hLb †kqvi‡nvìvi‡`i g‡a¨ bM` AvKv‡i e›Ub Kiv nq Zv‡K wK e‡j?
K. †evbvm jf¨vsk L. ÷K jf¨vsk
M. bM` jf¨vsk N. ivBU †kqvi
3| wb‡Pi †Kvb bxwZ Abyhvqx cÖwZeQi AvbycvwZK nv‡i jf¨vsk cÖ`vb Kiv nq?
K. w¯’wZkxj UvKv jf¨vsk bxwZ L. AbycvZ jf¨vsk bxwZ
M. w¯’i jf¨vsk bxwZ N. w¯’i jf¨vsk mv‡_ AwZwi³ jf¨vsk bxwZ
wb‡Pi DÏxcKwU c‡o 4 I 5 b¤^i cÖ‡kœi DËi `vI
Rbve dviæK b~ivbx WvBs †Kv¤úvwbi cÖ_gev‡ii g‡Zv †kqvi wewµi cÖ¯Íve †`‡L AvK…ó n‡q Zv µq K‡ib| K‡qK
eQi ci Zvi A‡_©i cÖ‡qvRb †`Lv w`‡j wZwb Zv wewµ Ki‡Z evRv‡i †h‡Z Pv‡”Qb|
4| Rbve dviæK b~ivbx WvBs †Kv¤úvwbi †kqvi †Kv_vq n‡Z msMÖn K‡i‡Qb?
K. †m‡KÛvwi evRvi L. cÖv_wgK evRvi
M. wmwKDwiwUR GÛ G·‡PÄ Kwgkb N. †Kv¤úvwbi cÖavb Awdm
5| †kqvi wewµi Rb¨ Rbve dviæ‡Ki †Kvb evRvi hyw³m½Z n‡e?
K. †Kv¤úvwbi cÖavb Awdm L. wmwKDwiwUR GÛ G·‡PÄ Kwgkb
M. †m‡KÛvwi evRvi N. cÖv_wgK evRvi

P~ovšÍ g~j¨vqb
DËi ms‡¶c
K. Ávbg~jK cÖkœ
1. ‡kqvi Kx?
2. eÛ Kx?
3. AMÖvwaKvi †kqvi Kx?
4. wW‡eÂvi Kx?
5. cÖv_wgK evRvi Kx?
6. †m‡KÛvix evRvi Kx?

L. Abyavebg~jK cÖkœ
1. †Kvb jf¨vsk bxwZ‡Z AvbycvwZK nv‡i jf¨vsk cÖ`vb Kiv nq?
2. gybvdvi GKwU Ask fwel¨‡Z e¨emv‡qi †Kvb ai‡bi Kv‡Ri Rb¨ msiw¶Z _v‡K?
3. †kqvievRv‡ii mvwe©K Ae¯’v †evSvi Rb¨ Kx e¨envi Kiv nq?
4. †kqvievRvi †h‡Kv‡bv †`‡ki A_©bxwZ‡Z †Kvb ai‡bi evRvi wnmv‡e f~wgKv iv‡L?

BDwbU mvZ c„ôv-93


GmGmwm †cÖvMÖvg

m„Rbkxj cÖkœ
1| Rbve wgRvb miKvwi PvKwi †_‡K AemiMÖn‡Yi ci lvU j¶ UvKv nv‡Z cvb| wZwb GB A_© †Kvb GKwU
†Kv¤úvwb‡Z wewb‡qvM Ki‡Z AvMÖnx| wZwb Ggb GKRb wewb‡qvMKvix n‡Z Pvb †hb Zv‡K my` †c‡Z bv nq Ges
†Kv¤úvwbi ¸iæZ¡c~Y© wm×všÍ MÖn‡Y AskMÖnY Ki‡Z cv‡ib| ZvB wZwb ÔwWweGBPÕ I ÔGwmAvBÕ †Kv¤úvwbi wewfbœ
Kvh©µ‡gi Z_¨ msMÖn K‡i Zv we‡kølY Ki‡Z ïiæ K‡i‡Qb|
K. wW‡eÂvi ej‡Z Kx ey‡Sb?
L. †Kvb ai‡bi jf¨vsk cÖ`vb Ki‡j †Kv¤úvwbi †kqv‡ii msL¨v e„w× cv‡e? e¨vL¨v Kiæb|
M. Rbve wgRvb ÔwWweGBPÕ I ÔGwmAvBÕ †Kv¤úvwbi †Kvb Z_¨ we‡kølY Ki‡Qb? e¨vL¨v Kiæb
N. †Kvb ai‡bi wewb‡qvMKvix nIqv Rbve wgRv‡bi Rb¨ hyw³hy³ n‡e e‡j Zzwg g‡b Ki? we‡kølY Kiæb|
2| b~ivbx WvBs †Kv¤úvwb Zv‡`i Rwg Rbve Bmjv‡gi wbKU RvgvbZ wn‡m‡e †i‡L 5 †KvwU UvKv FY g~jab msMÖn
K‡i| Rbve Bmjv‡gi mv‡_ †Kv¤úvwbi †h Pzw³ n‡q‡Q Zv‡Z A_© †diZ cvIqvi ZvwiL 2017 mv‡j 1 Rvbyqvwi
D‡jøL Av‡Q| nVvr †Kv¤úvwbwU 2016 mv‡ji Ryb gv‡m wejyß n‡e e‡j †NvlYv Av‡m| Zv‡Z wZwb wePwjZ nbwb|
K. †kqvi gvwjK‡`i cÖvc¨ Avq Kx?
L. †hme †Kv¤úvwbi Avq w¯’wZkxj, Zviv †Kb w¯’i jf¨vs‡ki mv‡_ AwZwi³ bxwZ AbymiY K‡i? e¨vL¨v
Kiæb|
M. b~ivbx WvBs †Kv¤úvwb A_©vq‡bi Rb¨ †Kvb †KŠkjwU †e‡Q wb‡q‡Q? e¨vL¨v Kiæb|
N. b~ivbx WvBs †Kv¤úvwb wejyß nIqv ev bv nIqv Dfq †¶‡Î Rbve Bmjv‡gi wewb‡qv‡Mi wbivcËvwU g~j¨vqb
Kiæb|

DËigvjv
cv‡VvËi g~j¨vqb- 7.1 : 1. K 2. L 3. M
cv‡VvËi g~j¨vqb- 7.2 : 1. K 2. L 3. N
cv‡VvËi g~j¨vqb- 7.3 : 1. K 2. M 3. L 4. L 5. M

BDwbU mvZ c„ôv-94

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