Securitization is an American invention, but no longer remains an American curiosity. Almost every country’s financial systems have certain securitization schemes. Today, securitized assets not only include mortgages on properties, but also credit card receivables, computer leases, equipment notes financing, auto loans, and even future sales of music records. Securitization is the financial practice of pooling various types of contractual debt, such as residential mortgages, commercial mortgages, auto loans, or credit card debt obligations, and selling said consolidated debt as pass-through securities, or collateralized mortgage obligation (CMOs) to various investors. The cash collected from the financial instruments underlying the security is paid to the various investors who had advance money for that right. Securities backed by residential mortgage receivables are called residential-mortgage-backed securities (RMBS), while those backed by other types of receivables are asset-backed securities (ABS). Securitization has emerged globally as an important technique for bundling assets and segregating risks into marketable securities. It involves parceling and selling pools of eligible assets by the company owning the assets to a Special Purpose Vehicle (SPV) company, which issues debt securities to finance the purchase of such assets. This paper will discuss the present nascent state of the securitization market in India, its potential and attempts to identify what needs to be done by various stakeholders in this market for securitization to grow into its full potential. The paper will attempt to explain the growth of securitization in different markets, elaborating on the process, reasons for securitizing as- sets, benefits of and requirements for a successful asset securitization focusing on India with special reference to SARFAESI Act 2002.
Securitization involves pooling financial assets like loans and converting them into marketable securities. This allows the originator to access funding and improve liquidity. In India, securitization grew out of similar developments in the US housing market in the 1970s. It involves an originator transferring assets to a special purpose vehicle which then issues bonds backed by the assets' cash flows. This benefits originators through lower funding costs, improved liquidity and balance sheet management.
The document discusses securitization, which involves converting illiquid loans and receivables into marketable securities. Securitization originated in Denmark by selling bonds backed by equal amounts of loans. It later evolved in the US through innovations like slicing loan portfolios into tradable securities. A key part of securitization is the use of a special purpose vehicle (SPV) that purchases the loans, issues securities to investors, and uses the loan payments to repay investors. This separates the loans from the originator, protecting investors. Securitization provides originators with liquidity and long-term funding while transferring risk off their balance sheets.
Revisiting A Panicked Securitization MarketIOSR Journals
With the passage of Finance Bill 2013 on April 30 in Lok Sabha proposing to Levy a 30% distribution tax on the investors in securitization deals through special purpose vehicles, there is a stir in the securitization market. The principal investors (banks) were paying the tax on their net income from the securitization transaction through SPVs. Now, they will be taxed on the gross income as per the new Finance Bill. The new securitization guidelines issued in May 2012 dipped the volume of fresh issue to Rs. 28,400 crore from Rs. 44,500 crore in the preceding fiscal.
This document provides an overview of securitization, including:
- Securitization is the process of converting illiquid assets into liquid assets by pooling them and selling securities backed by the pooled assets.
- The key participants are originators, special purpose vehicles, investors, and servicers. Assets like mortgages, credit cards, auto loans can be securitized.
- Benefits include off-balance sheet financing for originators and returns for investors. Risks include collateral, structural, legal, and third party risks.
- India has taken steps to regulate securitization but lacks a comprehensive framework and standardization.
This document discusses securitization and housing finance in India. It begins by defining securitization as the process of liquidating illiquid long-term assets like loans and receivables by issuing marketable securities against them. It then outlines the key parties and stages involved in securitization. Some benefits of securitization include additional funding, profitability, and risk spreading. Housing finance and the role of the National Housing Bank in promoting affordable housing are also summarized. Securitization has grown the Indian debt market and housing finance sector.
Securitization is a process where long-term financial assets like loans are pooled together and converted into marketable securities that can be sold to investors. This provides the originator with cash while transferring the credit risk to the investors. The document discusses the parties and stages involved including identification of assets, transfer to a special purpose vehicle, issuing securities to investors, and redemption upon repayment or default of underlying assets. Guidelines are provided on selecting high quality assets and ensuring proper structures, risk ratings, and regulations are in place for a successful securitization program.
This document provides an overview of securitization, including:
- Securitization involves pooling and repackaging illiquid financial assets like loans into marketable securities that can be sold to investors. This provides liquidity to originators and spreads risk.
- The process involves an originator transferring assets to a special purpose vehicle (SPV) that issues securities to investors. Cash flows from the underlying assets are used to make payments to investors.
- Credit ratings and other credit enhancements make the securities more attractive to investors. Securitization provides benefits like capital relief and cheaper funding to originators.
This document provides an overview of capital markets and financial institutions. It defines financial intermediaries as entities that act as middlemen in financial transactions. It describes the main participants in financial markets including issuers, investors, governments, companies and households. It explains the functions of financial institutions like banks and credit companies in facilitating transactions, managing risk, and providing liquidity. It also outlines the different types of financial liabilities institutions face and how they seek to manage their assets and liabilities.
Securitization involves pooling financial assets like loans and converting them into marketable securities. This allows the originator to access funding and improve liquidity. In India, securitization grew out of similar developments in the US housing market in the 1970s. It involves an originator transferring assets to a special purpose vehicle which then issues bonds backed by the assets' cash flows. This benefits originators through lower funding costs, improved liquidity and balance sheet management.
The document discusses securitization, which involves converting illiquid loans and receivables into marketable securities. Securitization originated in Denmark by selling bonds backed by equal amounts of loans. It later evolved in the US through innovations like slicing loan portfolios into tradable securities. A key part of securitization is the use of a special purpose vehicle (SPV) that purchases the loans, issues securities to investors, and uses the loan payments to repay investors. This separates the loans from the originator, protecting investors. Securitization provides originators with liquidity and long-term funding while transferring risk off their balance sheets.
Revisiting A Panicked Securitization MarketIOSR Journals
With the passage of Finance Bill 2013 on April 30 in Lok Sabha proposing to Levy a 30% distribution tax on the investors in securitization deals through special purpose vehicles, there is a stir in the securitization market. The principal investors (banks) were paying the tax on their net income from the securitization transaction through SPVs. Now, they will be taxed on the gross income as per the new Finance Bill. The new securitization guidelines issued in May 2012 dipped the volume of fresh issue to Rs. 28,400 crore from Rs. 44,500 crore in the preceding fiscal.
This document provides an overview of securitization, including:
- Securitization is the process of converting illiquid assets into liquid assets by pooling them and selling securities backed by the pooled assets.
- The key participants are originators, special purpose vehicles, investors, and servicers. Assets like mortgages, credit cards, auto loans can be securitized.
- Benefits include off-balance sheet financing for originators and returns for investors. Risks include collateral, structural, legal, and third party risks.
- India has taken steps to regulate securitization but lacks a comprehensive framework and standardization.
This document discusses securitization and housing finance in India. It begins by defining securitization as the process of liquidating illiquid long-term assets like loans and receivables by issuing marketable securities against them. It then outlines the key parties and stages involved in securitization. Some benefits of securitization include additional funding, profitability, and risk spreading. Housing finance and the role of the National Housing Bank in promoting affordable housing are also summarized. Securitization has grown the Indian debt market and housing finance sector.
Securitization is a process where long-term financial assets like loans are pooled together and converted into marketable securities that can be sold to investors. This provides the originator with cash while transferring the credit risk to the investors. The document discusses the parties and stages involved including identification of assets, transfer to a special purpose vehicle, issuing securities to investors, and redemption upon repayment or default of underlying assets. Guidelines are provided on selecting high quality assets and ensuring proper structures, risk ratings, and regulations are in place for a successful securitization program.
This document provides an overview of securitization, including:
- Securitization involves pooling and repackaging illiquid financial assets like loans into marketable securities that can be sold to investors. This provides liquidity to originators and spreads risk.
- The process involves an originator transferring assets to a special purpose vehicle (SPV) that issues securities to investors. Cash flows from the underlying assets are used to make payments to investors.
- Credit ratings and other credit enhancements make the securities more attractive to investors. Securitization provides benefits like capital relief and cheaper funding to originators.
This document provides an overview of capital markets and financial institutions. It defines financial intermediaries as entities that act as middlemen in financial transactions. It describes the main participants in financial markets including issuers, investors, governments, companies and households. It explains the functions of financial institutions like banks and credit companies in facilitating transactions, managing risk, and providing liquidity. It also outlines the different types of financial liabilities institutions face and how they seek to manage their assets and liabilities.
Session 02 - Role of Financial Markets and Institutions.pptxExperimentalLab
1. Financial markets facilitate the flow of funds between surplus units and deficit units by transferring funds from those with excess funds to those who need funds. They allow corporations and governments to raise funds by issuing securities.
2. Financial institutions play a key role in financial markets by channeling funds from surplus units like households and corporations to deficit units in need of financing. Depository institutions like banks accept deposits and provide loans while non-depository institutions raise funds through other means like issuing securities.
3. Both depository and non-depository financial institutions help address imperfections in financial markets by evaluating borrowers, repackaging funds, and providing liquidity. They allow for efficient allocation of funds between surplus and deficit units
The document discusses securitization and mortgage loans. Securitization is the process of converting assets like mortgage loans into marketable securities that can be sold to investors. It allows banks to raise funds by pooling and repackaging their loans. The key aspects covered are the definition of securitization, the players involved like originators and SPVs, the securitization process, and some benefits like improving capital adequacy and providing an alternative funding source for banks. Examples of major mortgage companies in India and securitization companies are also provided.
The document discusses securitization and mortgage loans. Securitization is the process of converting assets like mortgage loans into marketable securities that can be sold to investors. It allows banks to raise funds by pooling and repackaging their loans. The key aspects covered are the definition of securitization, the players involved like originators and SPVs, the securitization process, and some benefits like improving capital adequacy and providing an alternative funding source for banks. Examples of major mortgage companies in India and securitization companies are also provided.
This document contains a student registration list and responses to exam questions on financial markets. It lists 8 students registered for a course on Principles of Banking and Financial Marketing, along with their registration numbers. The responses define key terms related to financial markets such as market intermediaries, regulators, and different types of financial instruments traded in money markets, capital markets, and other financial markets. It also explains short-term and long-term sources of business financing.
First of two research papers on issues involving the current economic downturn that I wrote during my senior year at NYU in collaboration with NYU professor, (both are pending professional publication).
NYU Economics Research Paper (Independent Study) - Fall 2010jsmar16
First of two research papers on issues involving the current economic downturn that I wrote during my senior year at NYU in collaboration with NYU professor, (both are pending professional publication).
The document discusses various types of financial services including traditional activities like leasing, hire purchase, bills discounting, and venture capital as well as modern activities like risk management services and capital restructuring advisory. It also covers the objectives, characteristics, and importance of financial services and how they contribute to economic growth and capital formation.
Securities lending is a process where investors can lend out securities to earn additional fees, while borrowers pay fees to access securities for activities like short selling. It benefits lenders through enhanced returns and risk mitigation via collateral from borrowers. For markets, it increases liquidity and allows various investment strategies. Securities lending involves lenders transferring securities to borrowers in exchange for collateral, with intermediaries facilitating the transaction. It is a vital tool for investors seeking to optimize portfolios and generate additional income.
Special Purpose Vehicals Securitizationfinancedude
Special Purpose Entities (SPEs) are legal entities created for specific purposes in structuring securitization transactions. SPEs are critical components of the $5.2 trillion U.S. securitization market, which provides liquidity to financial institutions and consumers through products like mortgages and credit cards. SPEs hold pools of financial assets, issue securities to investors, and protect investors from bankruptcy risk of the financial institution that established the SPE. Accounting standards require disclosure of risks and obligations associated with SPE transactions, even if the SPE is not consolidated on the financial institution's balance sheet.
money and capital markets CASES REPORT.pdfsamuelnyoike07
This document provides an overview of money and capital markets, outlining their key functions and instruments. Money markets facilitate short-term borrowing and lending through instruments like treasury bills, certificates of deposit, and commercial paper. Capital markets allow companies and governments to raise long-term funds through equity securities like stocks and debt securities like bonds. Regulations govern both markets to promote stability and integrity. Together, money and capital markets play an important role in allocating resources and fueling economic growth.
Beta is a measure of the volatility of a fund compared to its benchmark. A beta close to 1 means the fund's performance closely matches the benchmark. A beta greater than 1 indicates greater volatility than the benchmark, while a beta less than 1 indicates lower volatility.
The document provides an introduction to mutual funds including definitions, history, and classifications of mutual fund schemes. It discusses the value chain of mutual funds including sponsors, asset management companies, trustees, custodians, and unit holders. It also summarizes different types of mutual fund schemes such as growth, income, balanced, money market, gilt, and index funds. The document provides an overview of mutual funds and different investment avenues in India.
Financial institutions play important roles in capital markets by acting as intermediaries between issuers and investors. They transform financial assets into more widely preferred liabilities and provide important economic functions like maturity transformation, risk reduction through diversification, and reducing the costs of contracting and information processing. In the Philippines, the central bank (Bangko Sentral ng Pilipinas) regulates the financial system and maintains price stability, while a variety of banks, non-banking institutions, and government agencies facilitate financial transactions and help channel funds between lenders and borrowers.
Unit 3 (1).pptx financial services , custodian serviceBeastMahi1
The document discusses various types of financial services. It defines financial services as the economic services provided by the finance industry, which includes banks, credit unions, insurance companies, and other businesses that manage money. It then provides details on important financial services like banking, wealth management, mutual funds, insurance, stock markets, treasury instruments, consulting, and portfolio management. It also distinguishes between fund-based financial activities like leasing, hire purchase, and bill discounting, and non-fund-based activities such as merchant banking, credit rating, and loan syndication.
Synthetic securitization is a process where a bank transfers only the credit risk of a pool of assets, rather than the assets themselves, to a special purpose vehicle (SPV). The SPV issues credit-linked notes to investors. If a credit event occurs, such as default, the SPV uses the proceeds from credit default swaps to pay investors. This allows banks to reduce credit risk on their balance sheets while maintaining ownership of the original assets.
The document provides definitions and explanations of financial services and merchant banking. It discusses that financial services help with borrowing, lending, investing, payments and risk management. They include intermediation, payments mechanisms, and providing liquidity. Merchant banking is defined as a combination of banking and consultancy services that provides advice to clients on financial, marketing, managerial and legal matters. It helps companies raise capital and provides a wide range of services from starting to running a business.
The document discusses primary and secondary markets. The primary market involves the initial sale of securities to raise capital, such as initial public offerings. Companies work with investment bankers to facilitate primary market activity. The secondary market involves the subsequent trading of existing securities on stock exchanges. It provides liquidity for investors and encourages new investment. Some key differences between primary and secondary markets are that the primary market deals with new issues, has no set location, and occurs before the secondary market.
This document provides an overview of securitization of debt. It defines securitization as the conversion of future cash flows from financial assets like loans into tradable securities that can be sold in the market. This process allows lenders to raise funds. A special purpose vehicle (SPV) is used as an intermediary between the originator of assets and investors. The SPV issues different types of securities backed by assets like mortgages (MBS), consumer debt (ABS), and corporate debt (CDO). The document discusses the key features and types of securitizable assets in securitization.
The document discusses the role of merchant banking in appraising projects, designing capital structures, and managing securities issues. It defines a merchant banker as an entity that engages in issue management by arranging the sale, purchase, or subscription of securities. The key functions of merchant bankers related to issue management include designing capital structures, determining appropriate capital market instruments, pricing issues, preparing prospectuses, and selecting other parties like bankers and advertising consultants to assist with securities offerings.
This document provides information on long-term sources of finance in the Indian capital market. It discusses the new issues market and Indian capital market instruments. The capital market refers to the institutional arrangements for facilitating long-term borrowing and lending. It exists wherever suppliers and users of capital interact. The key instruments in the Indian capital market include equity shares, preference shares, debentures, warrants, and derivatives like options and futures. The new issues market allows companies to raise capital initially through public offerings of securities. The process involves selecting an investment banker, filing registration statements, and issuing prospectuses.
Submission Deadline: 30th September 2022
Acceptance Notification: Within Three Days’ time period
Online Publication: Within 24 Hrs. time Period
Expected Date of Dispatch of Printed Journal: 5th October 2022
MODELING AND ANALYSIS OF SURFACE ROUGHNESS AND WHITE LATER THICKNESS IN WIRE-...IAEME Publication
White layer thickness (WLT) formed and surface roughness in wire electric discharge turning (WEDT) of tungsten carbide composite has been made to model through response surface methodology (RSM). A Taguchi’s standard Design of experiments involving five input variables with three levels has been employed to establish a mathematical model between input parameters and responses. Percentage of cobalt content, spindle speed, Pulse on-time, wire feed and pulse off-time were changed during the experimental tests based on the Taguchi’s orthogonal array L27 (3^13). Analysis of variance (ANOVA) revealed that the mathematical models obtained can adequately describe performance within the parameters of the factors considered. There was a good agreement between the experimental and predicted values in this study.
Session 02 - Role of Financial Markets and Institutions.pptxExperimentalLab
1. Financial markets facilitate the flow of funds between surplus units and deficit units by transferring funds from those with excess funds to those who need funds. They allow corporations and governments to raise funds by issuing securities.
2. Financial institutions play a key role in financial markets by channeling funds from surplus units like households and corporations to deficit units in need of financing. Depository institutions like banks accept deposits and provide loans while non-depository institutions raise funds through other means like issuing securities.
3. Both depository and non-depository financial institutions help address imperfections in financial markets by evaluating borrowers, repackaging funds, and providing liquidity. They allow for efficient allocation of funds between surplus and deficit units
The document discusses securitization and mortgage loans. Securitization is the process of converting assets like mortgage loans into marketable securities that can be sold to investors. It allows banks to raise funds by pooling and repackaging their loans. The key aspects covered are the definition of securitization, the players involved like originators and SPVs, the securitization process, and some benefits like improving capital adequacy and providing an alternative funding source for banks. Examples of major mortgage companies in India and securitization companies are also provided.
The document discusses securitization and mortgage loans. Securitization is the process of converting assets like mortgage loans into marketable securities that can be sold to investors. It allows banks to raise funds by pooling and repackaging their loans. The key aspects covered are the definition of securitization, the players involved like originators and SPVs, the securitization process, and some benefits like improving capital adequacy and providing an alternative funding source for banks. Examples of major mortgage companies in India and securitization companies are also provided.
This document contains a student registration list and responses to exam questions on financial markets. It lists 8 students registered for a course on Principles of Banking and Financial Marketing, along with their registration numbers. The responses define key terms related to financial markets such as market intermediaries, regulators, and different types of financial instruments traded in money markets, capital markets, and other financial markets. It also explains short-term and long-term sources of business financing.
First of two research papers on issues involving the current economic downturn that I wrote during my senior year at NYU in collaboration with NYU professor, (both are pending professional publication).
NYU Economics Research Paper (Independent Study) - Fall 2010jsmar16
First of two research papers on issues involving the current economic downturn that I wrote during my senior year at NYU in collaboration with NYU professor, (both are pending professional publication).
The document discusses various types of financial services including traditional activities like leasing, hire purchase, bills discounting, and venture capital as well as modern activities like risk management services and capital restructuring advisory. It also covers the objectives, characteristics, and importance of financial services and how they contribute to economic growth and capital formation.
Securities lending is a process where investors can lend out securities to earn additional fees, while borrowers pay fees to access securities for activities like short selling. It benefits lenders through enhanced returns and risk mitigation via collateral from borrowers. For markets, it increases liquidity and allows various investment strategies. Securities lending involves lenders transferring securities to borrowers in exchange for collateral, with intermediaries facilitating the transaction. It is a vital tool for investors seeking to optimize portfolios and generate additional income.
Special Purpose Vehicals Securitizationfinancedude
Special Purpose Entities (SPEs) are legal entities created for specific purposes in structuring securitization transactions. SPEs are critical components of the $5.2 trillion U.S. securitization market, which provides liquidity to financial institutions and consumers through products like mortgages and credit cards. SPEs hold pools of financial assets, issue securities to investors, and protect investors from bankruptcy risk of the financial institution that established the SPE. Accounting standards require disclosure of risks and obligations associated with SPE transactions, even if the SPE is not consolidated on the financial institution's balance sheet.
money and capital markets CASES REPORT.pdfsamuelnyoike07
This document provides an overview of money and capital markets, outlining their key functions and instruments. Money markets facilitate short-term borrowing and lending through instruments like treasury bills, certificates of deposit, and commercial paper. Capital markets allow companies and governments to raise long-term funds through equity securities like stocks and debt securities like bonds. Regulations govern both markets to promote stability and integrity. Together, money and capital markets play an important role in allocating resources and fueling economic growth.
Beta is a measure of the volatility of a fund compared to its benchmark. A beta close to 1 means the fund's performance closely matches the benchmark. A beta greater than 1 indicates greater volatility than the benchmark, while a beta less than 1 indicates lower volatility.
The document provides an introduction to mutual funds including definitions, history, and classifications of mutual fund schemes. It discusses the value chain of mutual funds including sponsors, asset management companies, trustees, custodians, and unit holders. It also summarizes different types of mutual fund schemes such as growth, income, balanced, money market, gilt, and index funds. The document provides an overview of mutual funds and different investment avenues in India.
Financial institutions play important roles in capital markets by acting as intermediaries between issuers and investors. They transform financial assets into more widely preferred liabilities and provide important economic functions like maturity transformation, risk reduction through diversification, and reducing the costs of contracting and information processing. In the Philippines, the central bank (Bangko Sentral ng Pilipinas) regulates the financial system and maintains price stability, while a variety of banks, non-banking institutions, and government agencies facilitate financial transactions and help channel funds between lenders and borrowers.
Unit 3 (1).pptx financial services , custodian serviceBeastMahi1
The document discusses various types of financial services. It defines financial services as the economic services provided by the finance industry, which includes banks, credit unions, insurance companies, and other businesses that manage money. It then provides details on important financial services like banking, wealth management, mutual funds, insurance, stock markets, treasury instruments, consulting, and portfolio management. It also distinguishes between fund-based financial activities like leasing, hire purchase, and bill discounting, and non-fund-based activities such as merchant banking, credit rating, and loan syndication.
Synthetic securitization is a process where a bank transfers only the credit risk of a pool of assets, rather than the assets themselves, to a special purpose vehicle (SPV). The SPV issues credit-linked notes to investors. If a credit event occurs, such as default, the SPV uses the proceeds from credit default swaps to pay investors. This allows banks to reduce credit risk on their balance sheets while maintaining ownership of the original assets.
The document provides definitions and explanations of financial services and merchant banking. It discusses that financial services help with borrowing, lending, investing, payments and risk management. They include intermediation, payments mechanisms, and providing liquidity. Merchant banking is defined as a combination of banking and consultancy services that provides advice to clients on financial, marketing, managerial and legal matters. It helps companies raise capital and provides a wide range of services from starting to running a business.
The document discusses primary and secondary markets. The primary market involves the initial sale of securities to raise capital, such as initial public offerings. Companies work with investment bankers to facilitate primary market activity. The secondary market involves the subsequent trading of existing securities on stock exchanges. It provides liquidity for investors and encourages new investment. Some key differences between primary and secondary markets are that the primary market deals with new issues, has no set location, and occurs before the secondary market.
This document provides an overview of securitization of debt. It defines securitization as the conversion of future cash flows from financial assets like loans into tradable securities that can be sold in the market. This process allows lenders to raise funds. A special purpose vehicle (SPV) is used as an intermediary between the originator of assets and investors. The SPV issues different types of securities backed by assets like mortgages (MBS), consumer debt (ABS), and corporate debt (CDO). The document discusses the key features and types of securitizable assets in securitization.
The document discusses the role of merchant banking in appraising projects, designing capital structures, and managing securities issues. It defines a merchant banker as an entity that engages in issue management by arranging the sale, purchase, or subscription of securities. The key functions of merchant bankers related to issue management include designing capital structures, determining appropriate capital market instruments, pricing issues, preparing prospectuses, and selecting other parties like bankers and advertising consultants to assist with securities offerings.
This document provides information on long-term sources of finance in the Indian capital market. It discusses the new issues market and Indian capital market instruments. The capital market refers to the institutional arrangements for facilitating long-term borrowing and lending. It exists wherever suppliers and users of capital interact. The key instruments in the Indian capital market include equity shares, preference shares, debentures, warrants, and derivatives like options and futures. The new issues market allows companies to raise capital initially through public offerings of securities. The process involves selecting an investment banker, filing registration statements, and issuing prospectuses.
Similar to A STUDY ON SECURITIZATION IN INDIA (20)
Submission Deadline: 30th September 2022
Acceptance Notification: Within Three Days’ time period
Online Publication: Within 24 Hrs. time Period
Expected Date of Dispatch of Printed Journal: 5th October 2022
MODELING AND ANALYSIS OF SURFACE ROUGHNESS AND WHITE LATER THICKNESS IN WIRE-...IAEME Publication
White layer thickness (WLT) formed and surface roughness in wire electric discharge turning (WEDT) of tungsten carbide composite has been made to model through response surface methodology (RSM). A Taguchi’s standard Design of experiments involving five input variables with three levels has been employed to establish a mathematical model between input parameters and responses. Percentage of cobalt content, spindle speed, Pulse on-time, wire feed and pulse off-time were changed during the experimental tests based on the Taguchi’s orthogonal array L27 (3^13). Analysis of variance (ANOVA) revealed that the mathematical models obtained can adequately describe performance within the parameters of the factors considered. There was a good agreement between the experimental and predicted values in this study.
A STUDY ON THE REASONS FOR TRANSGENDER TO BECOME ENTREPRENEURSIAEME Publication
The study explores the reasons for a transgender to become entrepreneurs. In this study transgender entrepreneur was taken as independent variable and reasons to become as dependent variable. Data were collected through a structured questionnaire containing a five point Likert Scale. The study examined the data of 30 transgender entrepreneurs in Salem Municipal Corporation of Tamil Nadu State, India. Simple Random sampling technique was used. Garrett Ranking Technique (Percentile Position, Mean Scores) was used as the analysis for the present study to identify the top 13 stimulus factors for establishment of trans entrepreneurial venture. Economic advancement of a nation is governed upon the upshot of a resolute entrepreneurial doings. The conception of entrepreneurship has stretched and materialized to the socially deflated uncharted sections of transgender community. Presently transgenders have smashed their stereotypes and are making recent headlines of achievements in various fields of our Indian society. The trans-community is gradually being observed in a new light and has been trying to achieve prospective growth in entrepreneurship. The findings of the research revealed that the optimistic changes are taking place to change affirmative societal outlook of the transgender for entrepreneurial ventureship. It also laid emphasis on other transgenders to renovate their traditional living. The paper also highlights that legislators, supervisory body should endorse an impartial canons and reforms in Tamil Nadu Transgender Welfare Board Association.
BROAD UNEXPOSED SKILLS OF TRANSGENDER ENTREPRENEURSIAEME Publication
Since ages gender difference is always a debatable theme whether caused by nature, evolution or environment. The birth of a transgender is dreadful not only for the child but also for their parents. The pain of living in the wrong physique and treated as second class victimized citizen is outrageous and fully harboured with vicious baseless negative scruples. For so long, social exclusion had perpetuated inequality and deprivation experiencing ingrained malign stigma and besieged victims of crime or violence across their life spans. They are pushed into the murky way of life with a source of eternal disgust, bereft sexual potency and perennial fear. Although they are highly visible but very little is known about them. The common public needs to comprehend the ravaged arrogance on these insensitive souls and assist in integrating them into the mainstream by offering equal opportunity, treat with humanity and respect their dignity. Entrepreneurship in the current age is endorsing the gender fairness movement. Unstable careers and economic inadequacy had inclined one of the gender variant people called Transgender to become entrepreneurs. These tiny budding entrepreneurs resulted in economic transition by means of employment, free from the clutches of stereotype jobs, raised standard of living and handful of financial empowerment. Besides all these inhibitions, they were able to witness a platform for skill set development that ignited them to enter into entrepreneurial domain. This paper epitomizes skill sets involved in trans-entrepreneurs of Thoothukudi Municipal Corporation of Tamil Nadu State and is a groundbreaking determination to sightsee various skills incorporated and the impact on entrepreneurship.
DETERMINANTS AFFECTING THE USER'S INTENTION TO USE MOBILE BANKING APPLICATIONSIAEME Publication
The banking and financial services industries are experiencing increased technology penetration. Among them, the banking industry has made technological advancements to better serve the general populace. The economy focused on transforming the banking sector's system into a cashless, paperless, and faceless one. The researcher wants to evaluate the user's intention for utilising a mobile banking application. The study also examines the variables affecting the user's behaviour intention when selecting specific applications for financial transactions. The researcher employed a well-structured questionnaire and a descriptive study methodology to gather the respondents' primary data utilising the snowball sampling technique. The study includes variables like performance expectations, effort expectations, social impact, enabling circumstances, and perceived risk. Each of the aforementioned variables has a major impact on how users utilise mobile banking applications. The outcome will assist the service provider in comprehending the user's history with mobile banking applications.
ANALYSE THE USER PREDILECTION ON GPAY AND PHONEPE FOR DIGITAL TRANSACTIONSIAEME Publication
Technology upgradation in banking sector took the economy to view that payment mode towards online transactions using mobile applications. This system enabled connectivity between banks, Merchant and user in a convenient mode. there are various applications used for online transactions such as Google pay, Paytm, freecharge, mobikiwi, oxygen, phonepe and so on and it also includes mobile banking applications. The study aimed at evaluating the predilection of the user in adopting digital transaction. The study is descriptive in nature. The researcher used random sample techniques to collect the data. The findings reveal that mobile applications differ with the quality of service rendered by Gpay and Phonepe. The researcher suggest the Phonepe application should focus on implementing the application should be user friendly interface and Gpay on motivating the users to feel the importance of request for money and modes of payments in the application.
VOICE BASED ATM FOR VISUALLY IMPAIRED USING ARDUINOIAEME Publication
The prototype of a voice-based ATM for visually impaired using Arduino is to help people who are blind. This uses RFID cards which contain users fingerprint encrypted on it and interacts with the users through voice commands. ATM operates when sensor detects the presence of one person in the cabin. After scanning the RFID card, it will ask to select the mode like –normal or blind. User can select the respective mode through voice input, if blind mode is selected the balance check or cash withdraw can be done through voice input. Normal mode procedure is same as the existing ATM.
IMPACT OF EMOTIONAL INTELLIGENCE ON HUMAN RESOURCE MANAGEMENT PRACTICES AMONG...IAEME Publication
There is increasing acceptability of emotional intelligence as a major factor in personality assessment and effective human resource management. Emotional intelligence as the ability to build capacity, empathize, co-operate, motivate and develop others cannot be divorced from both effective performance and human resource management systems. The human person is crucial in defining organizational leadership and fortunes in terms of challenges and opportunities and walking across both multinational and bilateral relationships. The growing complexity of the business world requires a great deal of self-confidence, integrity, communication, conflict and diversity management to keep the global enterprise within the paths of productivity and sustainability. Using the exploratory research design and 255 participants the result of this original study indicates strong positive correlation between emotional intelligence and effective human resource management. The paper offers suggestions on further studies between emotional intelligence and human capital development and recommends for conflict management as an integral part of effective human resource management.
VISUALISING AGING PARENTS & THEIR CLOSE CARERS LIFE JOURNEY IN AGING ECONOMYIAEME Publication
Our life journey, in general, is closely defined by the way we understand the meaning of why we coexist and deal with its challenges. As we develop the "inspiration economy", we could say that nearly all of the challenges we have faced are opportunities that help us to discover the rest of our journey. In this note paper, we explore how being faced with the opportunity of being a close carer for an aging parent with dementia brought intangible discoveries that changed our insight of the meaning of the rest of our life journey.
A STUDY ON THE IMPACT OF ORGANIZATIONAL CULTURE ON THE EFFECTIVENESS OF PERFO...IAEME Publication
The main objective of this study is to analyze the impact of aspects of Organizational Culture on the Effectiveness of the Performance Management System (PMS) in the Health Care Organization at Thanjavur. Organizational Culture and PMS play a crucial role in present-day organizations in achieving their objectives. PMS needs employees’ cooperation to achieve its intended objectives. Employees' cooperation depends upon the organization’s culture. The present study uses exploratory research to examine the relationship between the Organization's culture and the Effectiveness of the Performance Management System. The study uses a Structured Questionnaire to collect the primary data. For this study, Thirty-six non-clinical employees were selected from twelve randomly selected Health Care organizations at Thanjavur. Thirty-two fully completed questionnaires were received.
Living in 21st century in itself reminds all of us the necessity of police and its administration. As more and more we are entering into the modern society and culture, the more we require the services of the so called ‘Khaki Worthy’ men i.e., the police personnel. Whether we talk of Indian police or the other nation’s police, they all have the same recognition as they have in India. But as already mentioned, their services and requirements are different after the like 26th November, 2008 incidents, where they without saving their own lives has sacrificed themselves without any hitch and without caring about their respective family members and wards. In other words, they are like our heroes and mentors who can guide us from the darkness of fear, militancy, corruption and other dark sides of life and so on. Now the question arises, if Gandhi would have been alive today, what would have been his reaction/opinion to the police and its functioning? Would he have some thing different in his mind now what he had been in his mind before the partition or would he be going to start some Satyagraha in the form of some improvement in the functioning of the police administration? Really these questions or rather night mares can come to any one’s mind, when there is too much confusion is prevailing in our minds, when there is too much corruption in the society and when the polices working is also in the questioning because of one or the other case throughout the India. It is matter of great concern that we have to thing over our administration and our practical approach because the police personals are also like us, they are part and parcel of our society and among one of us, so why we all are pin pointing towards them.
A STUDY ON TALENT MANAGEMENT AND ITS IMPACT ON EMPLOYEE RETENTION IN SELECTED...IAEME Publication
The goal of this study was to see how talent management affected employee retention in the selected IT organizations in Chennai. The fundamental issue was the difficulty to attract, hire, and retain talented personnel who perform well and the gap between supply and demand of talent acquisition and retaining them within the firms. The study's main goals were to determine the impact of talent management on employee retention in IT companies in Chennai, investigate talent management strategies that IT companies could use to improve talent acquisition, performance management, career planning and formulate retention strategies that the IT firms could use. The respondents were given a structured close-ended questionnaire with the 5 Point Likert Scale as part of the study's quantitative research design. The target population consisted of 289 IT professionals. The questionnaires were distributed and collected by the researcher directly. The Statistical Package for Social Sciences (SPSS) was used to collect and analyse the questionnaire responses. Hypotheses that were formulated for the various areas of the study were tested using a variety of statistical tests. The key findings of the study suggested that talent management had an impact on employee retention. The studies also found that there is a clear link between the implementation of talent management and retention measures. Management should provide enough training and development for employees, clarify job responsibilities, provide adequate remuneration packages, and recognise employees for exceptional performance.
ATTRITION IN THE IT INDUSTRY DURING COVID-19 PANDEMIC: LINKING EMOTIONAL INTE...IAEME Publication
Globally, Millions of dollars were spent by the organizations for employing skilled Information Technology (IT) professionals. It is costly to replace unskilled employees with IT professionals possessing technical skills and competencies that aid in interconnecting the business processes. The organization’s employment tactics were forced to alter by globalization along with technological innovations as they consistently diminish to remain lean, outsource to concentrate on core competencies along with restructuring/reallocate personnel to gather efficiency. As other jobs, organizations or professions have become reasonably more appropriate in a shifting employment landscape, the above alterations trigger both involuntary as well as voluntary turnover. The employee view on jobs is also afflicted by the COVID-19 pandemic along with the employee-driven labour market. So, having effective strategies is necessary to tackle the withdrawal rate of employees. By associating Emotional Intelligence (EI) along with Talent Management (TM) in the IT industry, the rise in attrition rate was analyzed in this study. Only 303 respondents were collected out of 350 participants to whom questionnaires were distributed. From the employees of IT organizations located in Bangalore (India), the data were congregated. A simple random sampling methodology was employed to congregate data as of the respondents. Generating the hypothesis along with testing is eventuated. The effect of EI and TM along with regression analysis between TM and EI was analyzed. The outcomes indicated that employee and Organizational Performance (OP) were elevated by effective EI along with TM.
INFLUENCE OF TALENT MANAGEMENT PRACTICES ON ORGANIZATIONAL PERFORMANCE A STUD...IAEME Publication
By implementing talent management strategy, organizations would have the option to retain their skilled professionals while additionally working on their overall performance. It is the course of appropriately utilizing the ideal individuals, setting them up for future top positions, exploring and dealing with their performance, and holding them back from leaving the organization. It is employee performance that determines the success of every organization. The firm quickly obtains an upper hand over its rivals in the event that its employees having particular skills that cannot be duplicated by the competitors. Thus, firms are centred on creating successful talent management practices and processes to deal with the unique human resources. Firms are additionally endeavouring to keep their top/key staff since on the off chance that they leave; the whole store of information leaves the firm's hands. The study's objective was to determine the impact of talent management on organizational performance among the selected IT organizations in Chennai. The study recommends that talent management limitedly affects performance. On the off chance that this talent is appropriately management and implemented properly, organizations might benefit as much as possible from their maintained assets to support development and productivity, both monetarily and non-monetarily.
A STUDY OF VARIOUS TYPES OF LOANS OF SELECTED PUBLIC AND PRIVATE SECTOR BANKS...IAEME Publication
Banking regulations act of India, 1949 defines banking as “acceptance of deposits for the purpose of lending or investment from the public, repayment on demand or otherwise and withdrawable through cheques, drafts order or otherwise”, the major participants of the Indian financial system are commercial banks, the financial institution encompassing term lending institutions. Investments institutions, specialized financial institution and the state level development banks, non banking financial companies (NBFC) and other market intermediaries such has the stock brokers and money lenders are among the oldest of the certain variants of NBFC and the oldest market participants. The asset quality of banks is one of the most important indicators of their financial health. The Indian banking sector has been facing severe problems of increasing Non- Performing Assets (NPAs). The NPAs growth directly and indirectly affects the quality of assets and profitability of banks. It also shows the efficiency of banks credit risk management and the recovery effectiveness. NPA do not generate any income, whereas, the bank is required to make provisions for such as assets that why is a double edge weapon. This paper outlines the concept of quality of bank loans of different types like Housing, Agriculture and MSME loans in state Haryana of selected public and private sector banks. This study is highlighting problems associated with the role of commercial bank in financing Small and Medium Scale Enterprises (SME). The overall objective of the research was to assess the effect of the financing provisions existing for the setting up and operations of MSMEs in the country and to generate recommendations for more robust financing mechanisms for successful operation of the MSMEs, in turn understanding the impact of MSME loans on financial institutions due to NPA. There are many research conducted on the topic of Non- Performing Assets (NPA) Management, concerning particular bank, comparative study of public and private banks etc. In this paper the researcher is considering the aggregate data of selected public sector and private sector banks and attempts to compare the NPA of Housing, Agriculture and MSME loans in state Haryana of public and private sector banks. The tools used in the study are average and Anova test and variance. The findings reveal that NPA is common problem for both public and private sector banks and is associated with all types of loans either that is housing loans, agriculture loans and loans to SMES. NPAs of both public and private sector banks show the increasing trend. In 2010-11 GNPA of public and private sector were at same level it was 2% but after 2010-11 it increased in many fold and at present there is GNPA in some more than 15%. It shows the dark area of Indian banking sector.
EXPERIMENTAL STUDY OF MECHANICAL AND TRIBOLOGICAL RELATION OF NYLON/BaSO4 POL...IAEME Publication
An experiment conducted in this study found that BaSO4 changed Nylon 6's mechanical properties. By changing the weight ratios, BaSO4 was used to make Nylon 6. This Researcher looked into how hard Nylon-6/BaSO4 composites are and how well they wear. Experiments were done based on Taguchi design L9. Nylon-6/BaSO4 composites can be tested for their hardness number using a Rockwell hardness testing apparatus. On Nylon/BaSO4, the wear behavior was measured by a wear monitor, pinon-disc friction by varying reinforcement, sliding speed, and sliding distance, and the microstructure of the crack surfaces was observed by SEM. This study provides significant contributions to ultimate strength by increasing BaSO4 content up to 16% in the composites, and sliding speed contributes 72.45% to the wear rate
ROLE OF SOCIAL ENTREPRENEURSHIP IN RURAL DEVELOPMENT OF INDIA - PROBLEMS AND ...IAEME Publication
The majority of the population in India lives in villages. The village is the back bone of the country. Village or rural industries play an important role in the national economy, particularly in the rural development. Developing the rural economy is one of the key indicators towards a country’s success. Whether it be the need to look after the welfare of the farmers or invest in rural infrastructure, Governments have to ensure that rural development isn’t compromised. The economic development of our country largely depends on the progress of rural areas and the standard of living of rural masses. Village or rural industries play an important role in the national economy, particularly in the rural development. Rural entrepreneurship is based on stimulating local entrepreneurial talent and the subsequent growth of indigenous enterprises. It recognizes opportunity in the rural areas and accelerates a unique blend of resources either inside or outside of agriculture. Rural entrepreneurship brings an economic value to the rural sector by creating new methods of production, new markets, new products and generate employment opportunities thereby ensuring continuous rural development. Social Entrepreneurship has the direct and primary objective of serving the society along with the earning profits. So, social entrepreneurship is different from the economic entrepreneurship as its basic objective is not to earn profits but for providing innovative solutions to meet the society needs which are not taken care by majority of the entrepreneurs as they are in the business for profit making as a sole objective. So, the Social Entrepreneurs have the huge growth potential particularly in the developing countries like India where we have huge societal disparities in terms of the financial positions of the population. Still 22 percent of the Indian population is below the poverty line and also there is disparity among the rural & urban population in terms of families living under BPL. 25.7 percent of the rural population & 13.7 percent of the urban population is under BPL which clearly shows the disparity of the poor people in the rural and urban areas. The need to develop social entrepreneurship in agriculture is dictated by a large number of social problems. Such problems include low living standards, unemployment, and social tension. The reasons that led to the emergence of the practice of social entrepreneurship are the above factors. The research problem lays upon disclosing the importance of role of social entrepreneurship in rural development of India. The paper the tendencies of social entrepreneurship in India, to present successful examples of such business for providing recommendations how to improve situation in rural areas in terms of social entrepreneurship development. Indian government has made some steps towards development of social enterprises, social entrepreneurship, and social in- novation, but a lot remains to be improved.
OPTIMAL RECONFIGURATION OF POWER DISTRIBUTION RADIAL NETWORK USING HYBRID MET...IAEME Publication
Distribution system is a critical link between the electric power distributor and the consumers. Most of the distribution networks commonly used by the electric utility is the radial distribution network. However in this type of network, it has technical issues such as enormous power losses which affect the quality of the supply. Nowadays, the introduction of Distributed Generation (DG) units in the system help improve and support the voltage profile of the network as well as the performance of the system components through power loss mitigation. In this study network reconfiguration was done using two meta-heuristic algorithms Particle Swarm Optimization and Gravitational Search Algorithm (PSO-GSA) to enhance power quality and voltage profile in the system when simultaneously applied with the DG units. Backward/Forward Sweep Method was used in the load flow analysis and simulated using the MATLAB program. Five cases were considered in the Reconfiguration based on the contribution of DG units. The proposed method was tested using IEEE 33 bus system. Based on the results, there was a voltage profile improvement in the system from 0.9038 p.u. to 0.9594 p.u.. The integration of DG in the network also reduced power losses from 210.98 kW to 69.3963 kW. Simulated results are drawn to show the performance of each case.
APPLICATION OF FRUGAL APPROACH FOR PRODUCTIVITY IMPROVEMENT - A CASE STUDY OF...IAEME Publication
Manufacturing industries have witnessed an outburst in productivity. For productivity improvement manufacturing industries are taking various initiatives by using lean tools and techniques. However, in different manufacturing industries, frugal approach is applied in product design and services as a tool for improvement. Frugal approach contributed to prove less is more and seems indirectly contributing to improve productivity. Hence, there is need to understand status of frugal approach application in manufacturing industries. All manufacturing industries are trying hard and putting continuous efforts for competitive existence. For productivity improvements, manufacturing industries are coming up with different effective and efficient solutions in manufacturing processes and operations. To overcome current challenges, manufacturing industries have started using frugal approach in product design and services. For this study, methodology adopted with both primary and secondary sources of data. For primary source interview and observation technique is used and for secondary source review has done based on available literatures in website, printed magazines, manual etc. An attempt has made for understanding application of frugal approach with the study of manufacturing industry project. Manufacturing industry selected for this project study is Mahindra and Mahindra Ltd. This paper will help researcher to find the connections between the two concepts productivity improvement and frugal approach. This paper will help to understand significance of frugal approach for productivity improvement in manufacturing industry. This will also help to understand current scenario of frugal approach in manufacturing industry. In manufacturing industries various process are involved to deliver the final product. In the process of converting input in to output through manufacturing process productivity plays very critical role. Hence this study will help to evolve status of frugal approach in productivity improvement programme. The notion of frugal can be viewed as an approach towards productivity improvement in manufacturing industries.
A MULTIPLE – CHANNEL QUEUING MODELS ON FUZZY ENVIRONMENTIAEME Publication
In this paper, we investigated a queuing model of fuzzy environment-based a multiple channel queuing model (M/M/C) ( /FCFS) and study its performance under realistic conditions. It applies a nonagonal fuzzy number to analyse the relevant performance of a multiple channel queuing model (M/M/C) ( /FCFS). Based on the sub interval average ranking method for nonagonal fuzzy number, we convert fuzzy number to crisp one. Numerical results reveal that the efficiency of this method. Intuitively, the fuzzy environment adapts well to a multiple channel queuing models (M/M/C) ( /FCFS) are very well.
AI Transformation Playbook: Thinking AI-First for Your BusinessArijit Dutta
I dive into how businesses can stay competitive by integrating AI into their core processes. From identifying the right approach to building collaborative teams and recognizing common pitfalls, this guide has got you covered. AI transformation is a journey, and this playbook is here to help you navigate it successfully.
NewBase 20 June 2024 Energy News issue - 1731 by Khaled Al Awadi_compressed.pdfKhaled Al Awadi
Greetings,
Hawk Energy is pleased to present you with the latest energy news
NewBase 20 June 2024 Energy News issue - 1731 by Khaled Al Awadi
Regards.
Founder & S.Editor - NewBase Energy
Khaled M Al Awadi, Energy Consultant
MS & BS Mechanical Engineering (HON), USAGreetings,
Hawk Energy is pleased to present you with the latest energy news
NewBase 20 June 2024 Energy News issue - 1731 by Khaled Al Awadi
Regards.
Founder & S.Editor - NewBase Energy
Khaled M Al Awadi, Energy Consultant
MS & BS Mechanical Engineering (HON), USAGreetings,
Hawk Energy is pleased to present you with the latest energy news
NewBase 20 June 2024 Energy News issue - 1731 by Khaled Al Awadi
Regards.
Founder & S.Editor - NewBase Energy
Khaled M Al Awadi, Energy Consultant
MS & BS Mechanical Engineering (HON), USAGreetings,
Hawk Energy is pleased to present you with the latest energy news
NewBase 20 June 2024 Energy News issue - 1731 by Khaled Al Awadi
Regards.
Founder & S.Editor - NewBase Energy
Khaled M Al Awadi, Energy Consultant
MS & BS Mechanical Engineering (HON), USAGreetings,
Hawk Energy is pleased to present you with the latest energy news
NewBase 20 June 2024 Energy News issue - 1731 by Khaled Al Awadi
Regards.
Founder & S.Editor - NewBase Energy
Khaled M Al Awadi, Energy Consultant
MS & BS Mechanical Engineering (HON), USAGreetings,
Hawk Energy is pleased to present you with the latest energy news
NewBase 20 June 2024 Energy News issue - 1731 by Khaled Al Awadi
Regards.
Founder & S.Editor - NewBase Energy
Khaled M Al Awadi, Energy Consultant
MS & BS Mechanical Engineering (HON), USA
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Adani Group Requests For Additional Land For Its Dharavi Redevelopment Projec...Adani case
It will bring about growth and development not only in Maharashtra but also in our country as a whole, which will experience prosperity. The project will also give the Adani Group an opportunity to rise above the controversies that have been ongoing since the Adani CBI Investigation.
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japanese language course in delhi near meheyfairies7
Next is the Nihon Language Academy in East Delhi, renowned for its comprehensive curriculum and interactive teaching methods. They boast a faculty of experienced educators with a blend of both Indian and Japanese nationals. The academy provides extensive support for JLPT exam preparation along with personalized tutoring sessions if needed. Nihon Language Academy also arranges exchange programs with partner institutes in Japan, which provides students an opportunity to experience Japanese culture and language first-hand.
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"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions. 𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢2024 GROUNDBREAKING CEREMONY OF SK LEAVEO PLANT
➢2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢2024 CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
➢ Daewon Pharm Year End Party
➢ Giant Lantern Festival in Ha Noi with Gamuda Land
➢ Light Festival 2019 in HCMC with Phu My Hung Corp
(etc)
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
L'indice de performance des ports à conteneurs de l'année 2023SPATPortToamasina
Une évaluation comparable de la performance basée sur le temps d'escale des navires
L'objectif de l'ICPP est d'identifier les domaines d'amélioration qui peuvent en fin de compte bénéficier à toutes les parties concernées, des compagnies maritimes aux gouvernements nationaux en passant par les consommateurs. Il est conçu pour servir de point de référence aux principaux acteurs de l'économie mondiale, notamment les autorités et les opérateurs portuaires, les gouvernements nationaux, les organisations supranationales, les agences de développement, les divers intérêts maritimes et d'autres acteurs publics et privés du commerce, de la logistique et des services de la chaîne d'approvisionnement.
Le développement de l'ICPP repose sur le temps total passé par les porte-conteneurs dans les ports, de la manière expliquée dans les sections suivantes du rapport, et comme dans les itérations précédentes de l'ICPP. Cette quatrième itération utilise des données pour l'année civile complète 2023. Elle poursuit le changement introduit l'année dernière en n'incluant que les ports qui ont eu un minimum de 24 escales valides au cours de la période de 12 mois de l'étude. Le nombre de ports inclus dans l'ICPP 2023 est de 405.
Comme dans les éditions précédentes de l'ICPP, la production du classement fait appel à deux approches méthodologiques différentes : une approche administrative, ou technique, une méthodologie pragmatique reflétant les connaissances et le jugement des experts ; et une approche statistique, utilisant l'analyse factorielle (AF), ou plus précisément la factorisation matricielle. L'utilisation de ces deux approches vise à garantir que le classement des performances des ports à conteneurs reflète le plus fidèlement possible les performances réelles des ports, tout en étant statistiquement robuste.
Enhancing Adoption of AI in Agri-food: IntroductionCor Verdouw
Introduction to the Panel on: Pathways and Challenges: AI-Driven Technology in Agri-Food, AI4Food, University of Guelph
“Enhancing Adoption of AI in Agri-food: a Path Forward”, 18 June 2024
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2. A Study on Securitization in India
https://iaeme.com/Home/journal/IJARM 23 editor@iaeme.com
Structured Finance, defined asset securitization as a process that converts a pool of designated
financial assets into tradable liability and equity obligations as contingent claims backed by
identifiable cash flows from the credit and payment performance of these asset exposures.
Securitization is the process of converting an existing asset or a cash flow into a marketable
security. For example, for a bank or non-banking finance company (NBFC), loans are assets
since they earn interest (cash flow). Securitization of such assets refers to converting them into
marketable paper securities and selling them to another entity (or investor) and thereby
transferring the future cash flows to the buyer for a price. Part of the reason for the sub-prime
mortgage crisis in the US was the widespread securitization of mort- gage-backed loans. The
basic purpose of securitization is to reward the comparative advantage of a bank to originate
loans, compared with its ability to service the loans and its ability to bear the risk associated
with those loans. In securitization, banks sell a pool of loans (assets) to a special purpose vehicle
(SPV) that in turn issues claims or securities on the underlying pool of loans.
1.1.Process of Securitization
According to John Henderson & Jonathon Scott, it is a process which takes place when a
lending institution’s assets are removed in one way or the other from its balance sheet and are
funded instead by the investors who purchase a negotiable financial instrument evidencing this
indebtedness, without recourse to the original lender. The process of securitization primarily
involves three parties namely, the originator, the special purpose vehicle (SPV) and the investor.
The originator is the one who owns the financial asset and who wants to offload the same in the
market. The originator could be a banking, industrial or finance company. The SPV or in other
words the issuer is the one who issues mortgage-backed securities to investor in the market.
Generally merchant bankers function as SPV’s. Following is the three stages involved in the
process of securitization
Stage 1: Asset Identification: The ‘originator’, first identifies the asset or a pool of assets that
have to be securitized. There must be some basic conditions that must be satisfied by an asset,
which is to be securitized. For instance, the cash flows from the reference asset should be
reliable and payments should be periodically obtained. This means that the asset portfolio
should have a documented history showing default and delinquency experience. The assets have
to be of good quality that in turn facilitates the marketability to be quick and easy. This is to
ensure that default risks are brought down considerably. The pool of assets should carry
identical dates of interest payment and maturities. Assets that stand a chance of being sold to
investors ideally should have the features like: a) be well diversified; b) Have a statistical
history of loss experience; c) be homogenous in nature; d) be broadly similar in repayment and
final maturity structures; e) be to some extent liquid
Stage 2: Structuring the Asset Backed Securities (ABS): In a typical securitization deal, the
asset originator creates a SPV and sells reference assets to the same. The SPV can either be a
trust, corporation or form of partnership set up specifically to purchase the originator’s assets
and act as a conduit for the payment flows. Payments advanced by the originators are forwarded
to investors according to the terms of the specific securities. The SPV then structures the ABS
based on the preferences of the originator and the investors. To make the ABS attractive to the
investors, issuers follow some credit enhancement procedures. Credit enhancement in
securitization is a way of increasing the credit quality of the security above the original loan
pool to increase the likelihood of buyers receiving payment. After structuring the ABS, they
are offered to the investor public through a merchant banker. The issuer takes up the
responsibility of creating a market in the securities that are created. However, as per the RBI
Guidelines on Securitization issued in May 2012 prohibit stipulation of credit enhancement for
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assignment transactions, thus exposing the purchasing banks to the entire credit risk on the as-
signed portfolio.
Stage 3: Investor Servicing: The investor is serviced by periodic payments depending on the
nature of the ABS. According to the terms of the issue, the investor may be paid interest
periodically and the principal at the end of the maturity as a bullet payment. Or they may be
paid both interest and principal periodically over the period of maturity. Investors buy this risk
if they see the risk as a diversifying asset, the risk premium demanded by them for underwriting
such a risk is lower than the internal funding costs of the originator who has a concentration of
such a risk.
Players Involved in Securitization
Figure 1 The primary participants involve in the issuance of asset-backed securities
Originators: Originators create the assets that are sold or used as collateral for asset-backed
securities. Originators include finance companies, financial institutions, commercial banks, and
insurance companies, thrift institutions and securities firms.
Servicer’s: They are usually the originators or affiliates of the originators of the assets, are
responsible for collecting principal and interest payments on the assets when due and for
pursuing the collection of delinquent accounts. They also provide the trustee and the certificate
holders with monthly and annual reports about the portfolio of assets sold or used as collateral.
Issuers: The originator does not usually sell assets to third- party investors directly as asset-
backed securities. Instead, they are sold first to either a conduits or a “bankruptcy – remote”
finance company. Such companies, known as limited purpose corporations, are subsidiaries or
affiliates of the originator or the merchant banker that were separately incorporated to facilitate
the sale of assets or to issue collateralized debt instruments. Conduits are issuers of asset-
backed securities that do not originate or necessarily service the assets that underlie the
securities. They buy assets from different originators or sellers, pool the assets and then sell
them to investors.
Merchant Bankers: As asset-backed securities issue involves a merchant banker, who either
underwrites the securities for public offering or privately places them. As an underwriter, the
merchant banker purchases the securities from the issuer for resale. In a private placement, the
merchant banker does not purchase the securities and resell them, rather the merchant banker
acts as an agent for the issuer, matching the seller with a handful of buyers.
Credit Enhancers: Credit enhancement is a vehicle that reduces the overall credit risk of a
security issue. The purpose of the credit enhancement is to improve the rating, and therefore
the pricing and marketability of an asset-backed security. Most ABS are credit enhanced. Credit
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enhancement can be provided by the issuer or by a third party. The issuer has enhanced credit
by providing recourse through senior- subordinated structure or by over-collateralization.
Rating Agencies: Credit rating agencies assigns rating to ABS issues just as they do for
corporate bonds. Credit rating is based on three criteria: the probability of the issuer defaulting
on the obligation, the nature and provisions of the obligation and the relative position of the
obligation in the event of bankruptcy.
Trustees: A Trustee in ABS is the intermediary between the servicer and the investors and
between the credit enhancer and the investors. The responsibilities of the trustee include buying
the assets from the issuer on behalf of the trust and issuing certificates to the investors. As the
obligors make principal and interest payments on the assets, the servicer deposits the proceeds
in a trust account, and the trustees passes them on the investors.
1.2. Types of Securitization
The two most common type of securitization are:
Mortgage Backed Securities: MBS are securities wherein mortgages are pooled together and
undivided interests or participations in the pool are sold. The mortgage backing, a pass through
security is generally of the same loan type in terms of amortization level, payment, adjustable
rate etc. Moreover, they are similar to with respect to maturity and loan interest rate to the extent
where the cash flows can be projected as if the pool were a single mortgage. The originator
services the mortgages collecting the payments and passing through the principal and interest
to the security holders after deducting the servicing, guarantee and other fees Asset Backed
Securities: are securities backed by financial assets. These assets generally are receivables other
than mortgage loans and may consist of credit card receivables, auto loans, manufactured
housing contracts, junk bonds, equipment leases, small business loans guaranteed by some
agency home equity loans etc. They differ from other kind of securities offered in the sense that
their creditworthiness is derived from sources other than the paying ability of the originator of
the underlying assets. They are secured by collaterals and credit is enhanced by internal
structural features or external protections which ensure that obligations are met.
Securitization: A Funding Strategy in Indian Context as we know, securitization turns into one
of the villains of the global financial crisis, with lenders selling housing loans to subprime
borrowers and then packaging these loans into marketable securities that were sold to investors
around the world. The India’s central bank (RBI) showing great concern on such type of
securitization transactions initiated from especially non- banking financial companies
(NBFCs). It is being a practice of Indian NBFCs to originate loans and then immediately sell
them off to other institutions or banks to make profits within a short period. This increases the
risk of such transactions manifold since buyers are unable to ascertain the risk of the original
investor. In its second draft guidelines announced by RBI in 2012, banks extending loans to
clients should mandatorily keep them on their books for a minimum period and keep a portion
of such loans, depending on their maturity. According to new norms prescribed by RBI, for
loans with a maturity of two years, the originator should hold the loans for a minimum period
of one year. Originating institution has to retain at least 10% of the loan portfolio in its own
books, which, according to the central bank, will ensure that the project implementation risk is
not passed on to investors and a minimum recovery performance is demonstrated prior to
securitization to ensure better underwriting standards. Apart from above, banks are also
required to carry out regular stress tests and monitor the port- folio on an ongoing basis, the
central bank said. The Growth of Securitization in India in the financial year 2017, Issuance
volume in the Indian securitization market was Indian rupees. 36,603 crores, a growth of 15%
over the previous fiscal. The increase in volume—following a continuous decline for three
years—was on account of a 26% rise in se- curitisation3 of retail loans (both Asset-Backed
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Securitization or ABS, and Residential Mortgage-Backed Securitization or RMBS,
cumulatively). During financial year 2017, the securitization market in India grew by 15% over
the previous year, in value terms. The number of transactions was also 32% higher in financial
year 2017 than in the previous fiscal.
Table 1 Trend in Structured Finance (SF) Issuances - by value, in Indian rupees’ crores
FY2014 FY2015 FY2016 FY2017
Amount Share Amount Share Amount Share Amount Share
Asset Backed Securities (ABS) 13,581 25% 21,497 50% 21,819 69% 26,071 71%
Residential Mortgage-Backed
Securitization (RMBS)
3,291 6% 6,254 14% 5,029 16% 7,680 21%
Total Retail Securitization 16,872 31% 27,751 64% 26,848 84% 33,751 92%
Securitization of individual
corporate
loans or loan sell-off (LSO)
35,608 66% 14,581 34% 4,441 14% 2,217 6%
Others 1,160 2% 787 2% 536 2% 635 2%
Overall total 53,640 100% 43,118 100% 31,825 100% 36,603 100%
Growth 16% 20% (26%) 15%
Source: ICRA RATING FEATURE May 2017
2. PROBLEMS WITH SECURITIZATION IN INDIA
In India, securitizations espouse a trust structure i.e. the as- sets are transferred by way of sale
to a trustee, who holds it in trust for the investors. In this situation, a trust is not a legal entity
in law but it is entitled to hold property that is distinct from the property of the trustee.
Therefore, the trust performs the role of the special purpose vehicles (SPV). SARFAESI is quite
inadequate in commercial practice. Major shortcomings of the Act are: A security receipt (as
defined in sub-clause 2 of SARFAESI Act) gives its holder a right of title in the financial asset
involved in securitization. This definition holds good for structures where ‘Pay through
Securities’ (PTCs) are issued. However, there is a lack of strong provision in case of PTC
Secondly, the legislation does not contain effective foreclosure laws. If an SPV wants to
foreclose an asset owing to a default by a party, it has to resort to the traditional means of
litigation, which is time consuming and expensive. The legislation also fails to define a “true
sale”, thereby, leaving it to the interpretation of the parties. During FY2017, the Indian income
tax authorities sent notices to trustees of several securitization transactions which the trustees
in turn passed on to the investors, i.e., mutual fund houses asking them to pay tax on income
generated through pass through certificates (PTCs). Following this move, the MFs filed
petitions in the Bombay HC, seeking a relief from the tax claim. The IT department’s stance
effectively challenges this premise and thus, a resolution to this issue could be an important
factor for determining the future of securitization going forward. Most market participants are
of the view that the most immediate and severe obstacle to securitization is this unresolved issue
of taxation of the securitization SPV.
The secondary market in India for debt which could offer an easy exit route to investors is
not yet developed. Public sec- tor banks which have a huge pool of debts have so far remained
far from these products. Trusts and Provident Funds which are the major source of huge funds,
have limitations on investment in structured products. Only regulatory changes could help more
funds for investment in these products.
The intermediaries involved in creating a securitized product have to comply with multiple
legal provisions to give shape to the product. The financial asset is transferred from the
originator to the SPV and thus attracts relevant provisions of Stamp Act, The Transfer of
Property Act 1882, The Negotiable Instruments Act, and Registration Act. Moreover, lack of
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clear supporting legal provisions for the features which are integral part of the process of
securitization hinders wider acceptability of the product.
The securitization process attracts stamp duty at various stages. The incidence of stamp duty
is one of the major concerns which make securitization transaction financially unviable.
Typically, the rate of stamp duty ranges from 0.5 per cent to as high as 4 to 8 per cent of the
value of transaction. Thus, the process of securitization becomes too expensive. Recently, there
has been significant relief since Stamp duty has been reduced to 0.1 per cent in some States.
Registration requirements on transfer of mortgage backed receivables from immovable
property which again adds to the cost of securitization transaction and needs to be ad- dressed.
Under the Registration Act, 1908 transfer requires compulsory registration. This also imposes
additional costs to the transaction. Further some provisions of the Income Tax Act, 1961 are
reported to have an impact on securitization. For instance, Section 60 of the Act, contemplates
transfer of income without transfer of assets which are the source of the income. In such a case,
the income so transferred is charge- able to income tax as the income of the transferor and is
included in his total income. Similarly, there are other sections in the Act which restrain the
progress of securitization. Another important aspect which hinders the growth of securitization
in India is the lack of effective foreclosure laws. The existing foreclosure laws are not lender
friendly and increase the risks of mortgage backed securities by making it difficult to transfer
property in cases of default. During the acquisition and sale of the assets of the borrower by the
company, issues relating to valuation of assets and fixation of realizable value of assets have to
be cleared. Value need to be arrived in transparent manner. Such values should be fairly
discounted in the opinion of the values acting on behalf of the concerned bank or financial
institution. The problem of making distinction between willful defaulters and others is very
difficult to make. Some argue that the decision has to lie with the creditor because the
misjudgment might result in a greater loss.
3. SECURITIZATION AND RECONSTRUCTION OF FINANCIAL
ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT 2002
SARFAESI Act 2002, came into effect from June 21, 2002 and its provisions deal with
Securitization along with asset reconstruction and enforcement of security interest. It facilitates
asset recovery and reconstruction. The act is based upon the recommendations of the
Narasimhan Committee I and II and Andhyarujina Committee Reports for enacting a new law
for enacting a new law for regulation of securitization and reconstruction of financial assets,
enforcement of security interest and formation of asset reconstruction companies. This would
help banks and financial institutions to deal NPA in a better way with defaulters. Following
three major aspects are dealt in SARFAESI:
(i) Providing a legal framework for securitization of assets; (ii) Enforcement of security interest
by secured creditor (such as banks and other financial institutions); (iii) Transfer of non-
performing assets to asset reconstruction companies, which can be dispose-off later and realize
the proceeds. SARFAESI has made following provisions: (a) for registration and regulation of
securitization companies or reconstruction companies by India’s federal bank, the Reserve
Bank of India (“RBI”); (b) to facilitate securitization of financial assets of banks; (c) to
empower securitization companies to raise funds by issuing security receipts to qualified
institutional buyers (QIBs); (d) to empower banks and financial institutions to take possession
of securities given for financial assistance and sell or lease them to take over management in
the event of failure to pay.
SARFAESI Act does not permit Banks and Financial Institutions to create Special Purpose
Vehicles (SPVs) for undertaking securitization transaction. The act calls for setting up of
Securitization Companies or Reconstruction Companies with its registration with Reserve Bank
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of India (RBI) to carry on the business of securitization or asset reconstruction. This company
can carry out the work of formulation of schemes and setup (scheme–wise) separate trusts. A
Securitization company can act as an asset reconstruction company and vice versa. The act
provides the reconstruction company the right to acquire financial assets of any bank by issuing
debentures or bonds or any other security in the nature of the debenture. They can also acquire
assets by entering into an agreement with such banks or financial institutions. The bank or
financial institution gets the rights of the lender in relation to any financial asset acquired by
the securitization company. Such company shall on such acquisition be deemed to be the lender
and all rights of the bank or financial institution.
The securitization company cannot raise funds from retail investors. It can devise a separate
scheme for each of the financial assets taken by it and raise funds only from Qualified
Institutional Buyers (QIBs) by developing schemes to ac- quire assets. The company will issue
security receipts to QIBs which represents undivided interest in such financial assets. The
company will realize the financial assets and redeem the investment and will make payment to
returns to QIBs under each scheme. The company should maintain separate set of accounts in
respect of every such scheme for every financial asset which has been acquired by the QIB. The
company should also ensure the realization of such financial assets and pay returns assured on
such investments. In the case of non-realization of the financial assets the QIBs of the
securitization company or reconstruction company holding security receipts of not less than
75% of the total value of the company is entitled to call a meeting of all the QIBs and every
resolution passed in such meeting should be binding on the company. Any dispute between
QIBs and the company shall be referred for conciliation or arbitration under the Arbitra tion
and Conciliation Act 1996.
4. CONCLUSION
In today’s environment, study of securitization is of great importance because of the
opportunities it offers as a source of financing. Therefore, it is considered that securitization is
another venue for financial institutions to demonstrate their competitiveness and to broaden
their markets. Not only in US & Europe but also in other parts of world, securitization has
emerged as one of the most effective means of capital creation. India is not far behind though
it is in its early stage in India because of the large benefits it holds for banks and financial
institutions the concept has picked up. While securitization can be a means to manage balance
sheet risks and operational risk by banks and financial institutions it should be emphasized that
banks and financial institutions should not consider it as a means to get rid of their obligations.
Securitization has in particularly proved to be a boon to fund starved infrastructure projects.
While more complex securitization transactions and public issuance of securitized papers are a
far dream, clear legislation and investor education can prove to be a catalyst for Indian
securitization market. Securitization as a financial instrument has been prevalent in India since
1990s. It has been a tremendous boon for banks/ financial institutions which are beleaguered
by excess illiquid and non-performing assets. However, laws governing such transactions,
which were introduced later, although tried to regulate securitization but left much to be desired
owing to ambiguity and shortcomings. Hopefully, the gaps will be plugged and the necessary
steps will be taken soon to alleviate all concerns. The SARFAESI Act 2002 is an important step
by Indian government as it provides the much needed legal sanctity to securitization by
recognizing the securitization instrument as a security under the SCR Act. Development of the
market for securitization in India will need efforts of the Central Government, State
Governments, Reserve Bank of India and Securi- ty Exchange Board of India (SEBI) has
permitted mutual funds to invest in these securities. To galvanize the market Foreign
Institutional Investors (FIIs) can also be allowed to invest in securitized debt within certain.
FIIs are already familiar with these instruments in other markets and can, therefore be expected
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to help in the development of this market. However, the government and regulatory authorities
in India should realize that the measures taken up by them are incomplete and more dedicated
efforts are necessary for a robust growth of asset securitization market in India.
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